Israel-based WaveBL, a pre-eminent provider of electronic Bills, has successfully clinched $26m in a recent funding round, cementing its standing as a global frontrunner in the digital trade document industry.
The Series B funding round was spearheaded by NewRoad Capital Partners, an investment firm centred on novel and growth-focused companies within supply chain and logistics, retail, and marketing technology sectors. Further backing was offered by incumbent investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central LLC, as well as a new investor, Reefknot Investments, supported by Temasek and Kuehne + Nagel.
WaveBL operates a leading-edge digital platform for the electronic transfer of trade documents. The FinTech company’s proprietary blockchain technology facilitates instantaneous, secure, and authenticated transfer of unique electronic trade documents, complying with universal processes and regulations. WaveBL’s innovative multi-carrier platform is favoured by the world’s largest ocean carriers and NVOCCs, including MSC, ZIM, Hapag Lloyd, ONE, Leschaco, and Saco, and caters to the needs of all stakeholders in trade.
WaveBL plans to utilise the newly acquired funding to hasten its growth, focusing on expanding its team primarily in sales, marketing, and R&D. The company aims to digitise and expedite global commerce, drastically reducing costs and the trade industry’s dependence on paper documents.
Gary Adams, Operating Partner at NewRoad Capital Partners, and former Supply Chain Officer at Walmart, will join WaveBL’s board of directors following this funding round. He expressed his enthusiasm about the partnership with WaveBL, seeing the firm as a catalyst for the digitisation of global trade, moving away from manual, paper-based processes towards more secure, swift, and eco-friendly solutions.
WaveBL CEO Noam Rosenfeld said, “Our goal is to streamline, speed up and reduce the cost of global commerce by breaking the trade industry’s paper addiction. We offer blockchain technology as the new gold standard for trust between trade partners, a game changer for international trade.”
By fostering robust alliances with leading customers and other stakeholders in global trade, WaveBL continues to drive the rapid digitalisation and adoption of electronic trade documents. The company is set to maintain its leadership in the digital trade document sector, forging a new standard of trust and efficiency in international trade.
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