Blockchain technology company, Everledger, has gone into voluntary administration after expected investor funding failed to materialise.
Everledger was founded in 2015 by former Queensland chief entrepreneur, brisbane-with-startup-activity-growing-faster-sydney/” target=”_blank” rel=”noopener”>Leanne Kemp. It originally utilised blockchain technology to trace the provenance of diamonds and other precious materials. It later expanded to track luxury items such as high-end fashion, art and wine.
Over the past eight years, the Brisbane-based company has raised over $51.7 million in external investment, as well as $3 million from the federal government’s blockchain pilot grant in 2021.
One of its most prestigious backers was Tencent, owner of social media giant WeChat. The company has engaged in extensive foreign investments, including in the video game industry. Tencent has a minority stake in Epic Games, the developers behind Fortnite. It also acquired a majority equity interest in Riot Games — the team behind League of Legends — back in 2011.
In 2020, Tencent led Everledger’s Series A round with a $US 20 million investment. According to the AFR, it also matched US$3.5 million secured through the UK Government’s Future Fund in 2021.
Other previous investors include GMP Securities, Rakuten and…
