Square Peg Capital has invested in Australian blockchain start-up, AgriDigital, in a $5.5 million Series A funding round, it said would help expansion plans into North America. AgriDigital has built a private blockchain for supply chain finance. It has over 1300 users and more than 1.6 million tonnes of grain has been transacted over the cloud-based system since its first deal in December 2016, involving $360 million in grower payments. Square Peg Capital partner Tony Holt said the firm was attracted to AgriDigital because of the leadership team, and the company’s solution for simplifying supply chains, which he described as “really complex, distributed and with multiple participants, which means there is huge room for improvement”. “Whether you solve that with blockchain or another enabling technology, at the moment supply chains are archaic, and the opportunity for a distributed supply chain with multiple participants lends itself extraordinarily well to distributed ledger technology, but also any form of material improvement,” Mr Holt said. The Square Peg Capital co-founders, (from left) Barry Brott, Justin Liberman, Tony Holt and Paul Bassat. Pat Scala In the global grain industry, provenance and traceability has proved problematic but blockchain can be used to establish a fact at a given point in time by storing a digitised… continue reading
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Source: CTRM Center