UK blockchain startup Everledger, which makes tools for verifying the diamond trade, has raised $10.4 million led by the Canadian division of Fidelity Investments and GMP Securities.

The Series A round featured participation from Singaporean firm Vickers Ventures Partners, Graphene Venture Capital, and previous investors Rakuten, FPV, Fenbushi, and Bloomberg Beta.

Everledger develops blockchain-based solutions for provenance tracking and certification and is focused particularly on the diamond and jewellery industry.

“Everledger started with the purpose of building trust amongst stakeholders in global markets,” said CEO Leanne Kemp. “Having this round of financing supported by strong and credible investors is testament to our success to date in achieving that purpose, taking us from a startup to a scaleup in just three years.”

The new funds will be invested in further scaling of the business and opening a new office in Mumbai. India is a strategic market for diamond cutting and polishing.

Dr Finian Tan, chairman of Vickers Venture Partners and formerly of DFJ, has joined the company’s board. “Everledger is clearly a star in the future of supporting ethical trade through their strong blockchain based provenance platform,” he said in a statement.

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