CoreChain Raises $4.2M to Offer Blockchain-Based B2B Payments to Enterprise Clients
CoreChain announced that it had secured $4.2 million in seed funding. The 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. 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 an integration of the CoreChain payment network with software products. from Scanco.
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 blockchain-based B2B payment and finance solutions to its client companies. 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 operate 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 such as stablecoins, ensuring it can be leveraged for all partners and customers regardless of their payment type prefer.
CoreChain also opens lending opportunities to fund working capital held in unpaid invoices that are aging 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 grow our payment volume,” said Chris Aguas, Founder and CEO of CoreChain. . “Our time has come because the opportunity is great. Supply chains and cash flow have been disrupted and access to working capital can be hard to come by. Streamlining modern processes is more important than ever payment and lending and to adapt to the future of finance.”
“The corporate finance landscape has undergone massive change in the past decade alone,” said Steve Reale, CFO and Partner at Ulu Ventures. “Blockchain and distributed ledger technology has rewritten the B2B payment and funding 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.