GMP Securities, Fidelity Investments lead $10.4mn funding round for Everledger

Toronto-based GMP Securities and the Canadian arm of Fidelity Investments led the successful Series A funding round of Everledger, a global startup that is looking to use blockchain to reduce risk and fraud in open marketplaces.

The funding round attracting a range of investors both from within and outside of Canada, such as Singapore-based Vickers Ventures Partners and US-based Graphene Venture Capital.

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“Vickers is excited to participate in the round and we were impressed by the traction and innovation demonstrated by the Everledger team,” said Finian Tan, Chairman of Vickers Venture Partners. “Everledger is clearly a star in the future of supporting ethical trade through their strong blockchain based provenance platform.”

The funds raised will be used to help Everledger to further develop and deploy its blockchain solution that combines a range of technologies such as IoT and AI, creating a tracking platform within the diamond and colored gemstone markets.

“Having this round of financing supported by strong and credible investors is testament to our success to date in achieving that purpose, taking us from a startup to a scaleup in just three years,” said Everledger CEO and Founder, Leanne Kemp.

“We are confident that having the support of such high caliber investors with a solid track record of accelerating growth, will enable further growth and success in our plans for entry to new markets where provenance matters.”