WaveBL, provider of a blockchain platform for electronic Bills of Lading (eBLs) used by shipping companies including MSC, ZIM, Hapag Lloyd and ONE, reports that it has raised $26 million in its latest funding round.
The funding round was led by NewRoad Capital Partners, with existing investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central also participating. Reefknot Investments was a new investor, backed by Temasek and Kuehne + Nagel.
WaveBL’s blockchain technology allows for the authenticated transfer of unique electronic trade documents, designed to ensure compliance with international regulations while meeting the digitalisation requirements of parties involved in trade data exchange.
“Our goal is to streamline, speed up and reduce the cost of global commerce by breaking the trade industry’s paper addiction,” said Noam Rosenfeld, CEO of WaveBL.
“We offer blockchain technology as the new gold standard for trust between trade partners, a game changer for international trade. The investment will be used to expedite our growth by increasing our employee base, primarily in sales, marketing, and R&D.”