CoreChain Technologies, a New Haven, CT-based supplier of a B2B funds community constructed on blockchain, raised $4.2M in Seed funding.
The spherical was led by Ulu Ventures with participation from Connecticut Improvements, Bloccelerate VC and New Type Capital, Encourage Enterprise Capital, SaaS Enterprise Capital, and Subsequent Coast Ventures.
The corporate intends to make use of the funds to speed up all areas of the enterprise from product growth to gross sales and advertising and proceed to develop its funds quantity.
Led by CEO Chris Aguas, CoreChain makes use of enterprise blockchain know-how to automate the trade of transaction information and funds inside a safe surroundings, utilizing a belief network-of-networks, empowering B2B Marketplaces and B2B Software program Platforms with $5 to $50 billion per 12 months in current commerce quantity to supply funds and financing companies to their patrons and suppliers through its API-centric, white-label platform.
The corporate helps a broad selection of digital funds options, together with ACH, eChecks, Digital Playing cards, and digital property equivalent to stablecoins.
Since its launch in September 2020, CoreChain has processed over $1 billion in B2B funds for enterprise patrons, together with channel buyer transactions. In October 2021, the corporate introduced a partnership with Scanco Software program, the chief in warehouse, manufacturing and supply-chain administration options for Sage, to co-develop an integration of the CoreChain funds community with Scanco’s software program merchandise.
So far, CoreChain has raised $5.5m in whole funding, together with $1.25m in pre-seed funding introduced in August 2021.