Blockchain provenance startup Everledger has been placed in voluntary administration after an existing investor failed to follow through on the 2nd tranche of their funding.
The Brisbane tech company, founded in 2015 by former Queensland chief entrepreneur Leanne Kemp, offers supply chain traceability using blockchain, artificial intelligence, intelligent labelling and Internet of Things. They were used to track and trace the provenance of everything from gemstones and jewellery to critical minerals, wine and spirits, luxury goods, fashion and more recently, EV batteries.
The company was heading toward profitability in the next 18 months and operates in several locations around the world, including China, Ireland, India and the US, which are unaffected by the Australian administration.
The UK arm, Everledger Ltd, was placed in voluntary liquidation on April 20. while controlling entity Foreverhold Ltd continues to operate.
Everledger raised around $55 million in equity funding and grants over its 8-year history, most recently in 2021, with its cap table including WeChat’s Chinese parent company Tencent, the UK government’s Future Fund, Rakuten, FPV, Fenbushi and Bloomberg Beta, among others.
Last year it received the…