[Funding alert] KoineArth raises $1.8M in Pre-Series A round led by YourNest
Summary
KoineArth, a Bengaluru-headquartered blockchain startup, has raised $1.8 million in a Pre-Series A round, led by YourNest Venture Capital. Founder and CEO Praphul Chandra said, “The last decade saw the emergence of B2C platforms like Uber and Airbnb, which are plug-and-play infrastructures that enable producers and consumers to connect and interact with each other. We believe this is a natural evolution of commerce.” Besides focusing on product development, KoineArth has been tying up with financial institutions because a key incentive for putting verifiable and immutable records on a blockchain is easing of access to finance. Sunil Goyal, Managing Director, YourNest Venture Capital, said, “When an entrepreneur and his team leverage a technology that identifies and addresses a clear need gap, and has proven that it can have a global market fit, the synergy with our investment thesis is unquestionable. Rutvik Doshi, Managing Director and Partner, Inventus India, said, “The awareness of Blockchain infrastructure is increasing globally and there is a deeper recognition that it can make supply chains more transparent and efficient.