- CoreChain Technologies recently announced that it has raised $4.2 million in seed funding. These are the details.
CoreChain Technologies – the first B2B digital payment network built on the blockchain – announced that it has raised $4.2 million in seed funding. The funding round was led by Ulu Ventures with 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.
Since its launch in September 2020, CoreChain has processed over $1 billion in B2B payments for enterprise buyers, including channel customer transactions. And in October 2021, the company announced a partnership with Scanco Software, the leader in warehouse management, manufacturing and supply chain solutions for Sage, to co-develop a CoreChain payment network integration with products. Scanco software.
Available as a white-label platform, CoreChain enables any ERP or business process automation software company – or even banks and other payment networks – to offer B2B payments and finance solutions based on the blockchain to its client companies. And the CoreChain network enables simple and secure digital B2B payments between buyers and their suppliers, leveraging Blockchain Enterprise Distributed Ledger Technology (DLT) to help businesses run more efficiently. By transitioning businesses from old, inefficient “paper check”-based solutions to a modern digital payment technology stack, CoreChain simplifies business procedures and helps businesses increase profits through automation and enhanced security.
CoreChain supports a wide choice of digital payment solutions, including ACH, eChecks, virtual cards and digital assets like stablecoins, ensuring it can be leveraged for all partners and customers regardless of their preferred payment type . And CoreChain also opens up lending opportunities to fund working capital held in unpaid invoices that age toward payment due dates, often 30 to 120 days late.
“The seed funding will allow us to significantly accelerate all areas of the business – from product development to sales and marketing – and continue to increase our payout volume. Our time is right because the opportunity is great. Supply chains and cash flow have been disrupted and access to working capital can be difficult to come by.It is more important than ever to streamline modern payment and lending processes and adapt to the future of finance.
— Chris Aguas, Founder and CEO of CoreChain
“The corporate finance landscape has undergone massive change in the last decade alone. Blockchain and distributed ledger technology have rewritten the B2B payment and finance script, ushering in new ways of doing business CoreChain connects businesses to modern financial mechanisms that are faster and more secure than those used in today’s linear environments.
— Steve Reale, CFO and Partner at Ulu Ventures