KoineArth Raises $1.8 Mn In Pre-Series-A Funding From YourNest, Inventus And Lumis
The capital will be used to fund product development and market expansion
Early-stage venture capital (VC) fund YourNest Venture Capital has announced on Friday to have led an investment round of $1.8 million in blockchain-based supply chain KoineArth. Existing investors, Inventus India, also participated in the round along with Lumis Partners.
The capital will be used to fund product development and market expansion.
“The last decade saw the emergence of B2C platforms such as Uber and Airbnb which are plug-and-play infrastructures that enable producers and consumers to connect and interact with each other. With blockchain as the enabling technology, we are creating a B2B platform for companies to connect and transact with each other. We believe this is the natural evolution of commerce,” said Praphul Chandra, founder, and chief executive officer, KoineArth.
Working closely with enterprise customers, the startup claims to have deployed this platform to enable solutions for inventory visibility, invoice financing, and contract enforcement. Besides focusing on product development, the company has been tying up with financial institutions because a key incentive for putting verifiable and immutable records on a blockchain is easing of access to finance. Integration with financiers willing to offer ‘one-click’ invoice financing is a cash flow value proposition for many organizations.
“When an entrepreneur and his team leverage a technology that identifies and addresses a clear need gap and has proven that it can have a global market fit, the synergy with our investment thesis is unquestionable. In KoineArth, we believe we have a startup that will change the way supply chains are managed dramatically,” shared Sunil Goyal, managing director, YourNest Venture Capital.
Founded in 2018 by Dr. Praphul Chandra, the platform’s first breakthrough came when a Japanese conglomerate engaged the team for a PoC on how to use Smart Contracts to enable a coalition loyalty point program spanning multiple organizations.
“The awareness of blockchain infrastructure is increasing globally and there is a deeper recognition that it can make supply chains more transparent and efficient. KoineArth's marketsN solution is well poised to offer digital-supply-chain-as-a-service. I strongly believe in the potential of Koinearth as it focuses on building an end-to-end enterprise platform with blockchain at its core,” added Rutvik Doshi, managing director, and partner, Inventus India.
Today, the company is seeing applications of this platform from a wide variety of customers in sectors as diverse as manufacturing, agriculture, and finance.