CoreChain Technologies, a blockchain based B2B payments network, raises $4.2 million in a Seed Funding round led by Ulu Ventures.
The latest funding also got participation from other existing investors including Connecticut Innovations, Bloccelerate VC and New Form Capital, as well as new investors, Motivate Venture Capital, SaaS Venture Capital, Next Coast Ventures, and Angeles Investors.
To date, CoreChain has raised $5.5 million in total funding, including $1.25 million in pre-seed funding announced in August 2021.
The company also revealed that it has achieved a milestone of $1 billion in B2B payments since its launch in September 2020. In October 2021, the company announced a partnership with Scanco Software, the leader in warehouse, manufacturing and supply-chain management solutions for Sage, to co-develop an integration of the CoreChain payments network with Scanco’s software products.
Chris Aguas, CoreChain Founder and CEO, said:
“The Seed funding will allow us to greatly accelerate all areas of the business – from product development to sales and marketing – and continue to grow our payments volume. Our time is now as the opportunity is great. Supply chains and cash flows have been disrupted and access to working capital can be difficult to source. Streamlining modern payment and lending processes and adapting to the future of finance is more important than ever.”
Steve Reale, CFO and Partner at Ulu Ventures, pointed out that the landscape of enterprise finance has undergone massive change in just the last decade alone. “Blockchain and distributed ledger technology has rewritten the B2B payments and financing script, ushering in new ways of doing business. CoreChain is connecting businesses with the modern financial mechanisms that are faster and more secure than what’s being used in today’s linear environments,” Steve added.
Read Also: Framework Ventures Raises $400M To Invest In Web3, DeFi, and Crypto Gaming Projects