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Blockchain proven startup Everledger has been put into voluntary administration after an existing investor failed to follow through on their 2nd round of funding.
In the year Founded in 2015 by former Queensland entrepreneur Leanne Kemp, the Brisbane tech company offers supply chain research using blockchain, artificial intelligence, intelligent identification and the Internet of Things. From gems and jewelry to precious metals, wines and spirits, luxury goods, fashion and recently, EV batteries have been used to track and trace everything.
The company was on track to become profitable within the next 18 months and operates in various parts of the world, including China, Ireland, India and the US, which have not been affected by the Australian administration.
Its UK arm, Evergreen Limited, was placed into voluntary liquidation on April 20. While Foreverhold Limited continues to operate as a controlling entity.
Everledger has raised nearly $55 million in its 8-year history and most recently acquired WeChat’s Chinese parent company Tencent in 2021, the UK Government’s Future Fund, Rakuten, FPV, Fenbushi and Bloomberg Beta, among others. .
Last year, an investor who did not complete a second deal by early 2023 received the first funding. The company subsequently laid off local staff on March 31 before Vincent Chartered was handed over to administrators Steven Statz and Ashley Leslie. Accountants April 24.
Creditors met for the first time on May 8. Start Daily has reached out to Vincent for comment, but has yet to hear back. A second meeting of creditors is expected at the end of May.
An example of Everledger’s blockchain supply chain search
Last October, the company conducted a successful and world’s first battery passport pilot with auto giant Ford to track and certify responsible EV battery recycling. In 2021, Everledger, In collaboration with CSIRO Mineral Resources and Data61 Received a To see how, the Australian government’s $3 million in blockchain pilot grant program support Blockchain technology can be used to track critical minerals such as nickel, cobalt, copper and lithium. It has been named. Technology pioneer At the World Economic Forum in 2018
Leanne Kemp says she is committed to the mission of the company she co-founded, along with many others.
“Despite having to make tough decisions, such as immediate layoffs, Everledger emphasizes that it is not a ‘cash-burning’ startup,” she says.
“Our capital utilization and operating footprint are aligned with our growth plan, and we always plan for this investment round to be the last round of external funding required before profitability.”
Kemp said what happened to Everledger is an example of the harsh realities of risk that startup businesses and entrepreneurs face.
“I am delighted with the support of our customers who have expressed their confidence in our business and the importance to their success,” she said.
“I remain optimistic about the future and am confident that the problems we solve for industry and customers are worthy of dedicated energy, funding and effort.”
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