WaveBL raises $26mn, Series B round led by NewRoad Capital Partners
Funding will fuel WaveBL's global growth and market expansion in digital trade documents sector
WaveBL, a market-leading provider of electronic bills, has successfully raised $26 million in its latest funding round, consolidating its position as a leading player in the digital trade document sector globally.
"The round was led by NewRoad Capital Partners, an operator-led, demand-driven investment firm focused on innovative and growth-oriented companies in the supply chain and logistics, retail, and marketing technology sectors. Existing investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central also participated in this funding round as did a new investor, Reefknot Investments, backed by Temasek and Kuehne + Nagel," says a release from WaveBL.
WaveBL's proprietary blockchain technology enables the instantaneous, secure, and authenticated transfer of unique electronic trade documents, ensuring compliance with universal processes and regulations, the release added. WaveBL's state-of-the-art multi-carrier platform is trusted by the world's largest ocean carriers and NVOCCs including MSC, ZIM, Hapag Lloyd, ONE, Leschaco and Saco.
"Our goal is to streamline, speed up and reduce the cost of global commerce by breaking the trade industry's paper addiction," says Noam Rosenfeld, CEO, 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."
Gary Adams, Operating Partner, NewRoad Capital Partners adds: "NewRoad Capital Partners is excited to join WaveBL in an effort to accelerate the digitisation of global trade from today's manual, paper-based processes to technology that enables increased speed and security, reduces costs, and creates a more environmentally friendly solution. All reasons why we are excited to be a part of this transformational journey."
Following this round, Adams will join WaveBL's board of directors, the release added.