TEL AVIV, Israel, June 6, 2023 – WaveBL, a market-leading provider of electronic Bills, has successfully raised $26 million in its latest funding round, consolidating its position as a leading player in the digital trade document sector globally.
The round was led by NewRoad Capital Partners, an operator-led, demand-driven investment firm focused on innovative and growth-oriented companies in the supply chain and logistics, retail, and marketing technology sectors. Existing investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central LLC also participated in this funding round, as did a new investor, Reefknot Investments, backed by Temasek and Kuehne + Nagel.
WaveBL, led by former technological leaders and experts from the Israel Defense Forces, has emerged as the premier digital platform for the electronic transfer of trade documents. WaveBL’s proprietary blockchain technology enables the instantaneous, secure, and authenticated transfer of unique electronic trade documents, ensuring compliance with universal processes and regulations. WaveBL’s state-of-the-art multi-carrier platform is trusted by the world’s largest ocean carriers and NVOCCs, including MSC, ZIM, Hapag Lloyd, ONE, Leschaco, and Saco, and is designed to meet the needs of all parties involved in trade.
“Our goal is to streamline, speed up and reduce the cost of global commerce by breaking the trade industry’s paper addiction,” stated Noam Rosenfeld, CEO of WaveBL. “We offer blockchain technology as the new gold standard for trust between trade partners, a game changer for international trade. The investment will be used to expedite our growth by increasing our employee base, primarily in sales, marketing, and R&D.”
“NewRoad Capital Partners is excited to join Wave BL in an effort to accelerate the digitization of global trade from today’s manual, paper-based processes to technology that enables increased speed and security, reduces costs, and creates a more environmentally friendly solution. All reasons why we are excited to be a part of this transformational journey,” said Gary Adams, Operating Partner at NewRoad Capital Partners, and former Supply Chain Officer at Walmart. Following this round, Gary will join WaveBL’s board of directors.
WaveBL’s strong alliances with leading customers and other stakeholders in global trade are driving faster digitalization and adoption of electronic trade documents. The company is poised to continue its leadership in the digital trade document sector, establishing a new benchmark of trust and efficiency in international trade.
About NewRoad Capital Partners
NewRoad Capital Partners, LLC (“NewRoad”) invests in high-growth supply chain and logistics, retail, and marketing technology companies. As experienced entrepreneurs and operators, the NewRoad team prides itself on the high level of collaboration it brings to each of its investments. NewRoad’s team of investment professionals, operating partners, and strategic advisors have deep, relevant investing and operating expertise, including significant experience leading large divisions of enterprise companies and building businesses of scale from concept to realization.
WaveBL is a digital platform using proprietary blockchain technology to electronically transfer trade documents. The WaveBL solution enables the instant, encrypted, and authenticated transfer of electronic Bills and related trade documents. The platform complies with universal processes and regulations in use.