lands $2.4m blockchain funding

September 11, 2018
Chris Wheal

Earlier this morning US magazine Forbes reported that blockchain food logistics operator has received $2.4m in funding from a range of seed investors including Maersk Growth, the venture capital off-shoot of the Danish shipping player. The agri-tech company will deploy funding for infrastructure investment. 

“One of the things we saw early on was that blockchain could [be applied] beyond [the] financial [industry],” CEO Raja Ramachandran told Forbes. Ramachandran and Phil Harris focused on the food industry because they saw an industry riddled with food health and quality issues.

The journey from field to plate is under intense scrutiny from fintech food start-ups

The long shadow of Amazon has also ventured into food already with its salad franchise Sweetgreen. However with the likes of Amazon entering the grocery business the push by looks pertinent – possibly savvy.

“Premium grocery chains are facing difficulties justifying premium prices to customers who demand more and more transparency and information about their food,” has previously said. Grocers would benefit from the ability to further differentiate premium food options they claim. 

Supply chain trust

“The Blockchain of Food provides a Web-of-Trust system that allows the participants to evaluate and validate assertions made about our food. This in turn binds the information value provided by local farmers to the claims made by grocers and shared in the blockchain of food,” claims.

Maersk and IBM are early market blockchain entrants

IBM and Danish transport and logistics giant Maersk last month confirmed their own global blockchain shipping offering involving 94 organizations and 154m shipping events, dubbed ‘Trade Lens’.

“Success with the technology rests on a single factor — bringing the entire ecosystem together around a common approach that benefits all participants equally,” IBM said at the time.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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