Defi Startup Web3 Polytrade Raises $3.8 Million In Funding From Alpha Wave, Matrix Partners, Others
Amount Raised
$3.8 Million
Round Type
Seed
Description
Web3 Polytrade, which aims to streamline global trade supply chains using blockchain, has raised $3.8 million in a seed round led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures. Singularity Ventures, GTM Ventures and other angel investors also participated in the round.The startup operates in the decentralised finance (DeFi) space.Polytrade said it intends to use the funds to grow its product suite, concentrate on marketing, and enter the Latin American and European markets.The company said it would focus on bringing the fully integrated trade platform in the next two quarters.Founded by Piyush Gupta, Polytrade aims to streamline the supply chain by providing real-time data, reducing errors, delays, and disputes, while also improving visibility and transparency.The startup was earlier backed by Polygon cofounder Sandeep Nailwal, QuickSwap cofounder Sameep Singhania, and other Web3 ecosystem investors.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 Stories“We understand where the problems lie as well as the real-world impact Web3 can bring. I also firmly believe that with Polytrade, we will make trade finance one of the most preferred asset classes for investors given its relative safety coupled with robust yields,” Gupta said in a statement.The company said it was currently working on various aspects of the trade finance process across areas such as underwriting, tokenisation, collections, and secondary trading of assets.“Polytrade is soon launching a ZK-ID on-chain identification system, which will improve the creditworthiness of suppliers and buyers. This method will allow for quick and secure identity verification, lowering the risk of fraudulent transactions,” it added.The company also said that it had raised more than $11 million in DeFi liquidity and traditional credit facilities, “making it by far the largest corpus of any trade finance platform in the DeFi world.”CoinSwitch cofounder and CEO Ashish Singhal said: “We believe that Polytrade’s Web3 protocol will strengthen the real-world asset tokenisation narrative
Quick answer
Polytrade raised $3.8 Million in a Seed round, dated March 30, 2023.
- How much did Polytrade raise?
- Polytrade raised $3.8 Million in a Seed round on March 30, 2023.
- What does Polytrade do?
- Polytrade is a blockchain-enabled Trade Finance platform on Polygon Chain, allowing worldwide SMEs to get unprecedented direct access to trade financing opportunities while offering attractive rewards to those that..
- Who are the decision-makers at Polytrade?
- Fundz holds 1 contact at Polytrade. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Financial Services and Finance around the same time
Companies in the same sectors as Polytrade that raised within 45 days of this round, from Fundz verified event records.
- Hello Alice raised $3.6M (Seed) on May 8, 2023.
- Setscale raised $70M (Seed) on May 4, 2023.
- Kapital raised $19M on May 3, 2023.
- Factris raised $55M (Funding Round) on April 17, 2023.
- Finverity raised $5.2M (Funding Round) on March 30, 2023.
- Clip Money raised an undisclosed amount (Convertible Note) on March 28, 2023.
Who to call at Polytrade, and when
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- An alert the day Polytrade raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at Polytrade, from your own LinkedIn network
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