Bengaluru: London-based B2B money supply chain management platform OweMe raised $1 million in seed round from Pi Ventures, according to a statement released by the company. OweMe, which claims to increase profitability for banks and large corporate buyers, will use the funds to develop the product and expand the team.
Pi Ventures, which was founded by Manish Singhal and Umakant Soni, usually invests in early-stage start-ups operating in artificial intelligence and internet of things-based (IoT) start-ups. The VC firm’s recent investments include software as a service (SaaS) start-up CustomerSuccessBox, logistics company Locus, health-tech firm SigTuple and NIRMAI, and medical wearable device firm ten3T, among others.
OweMe is a blockchain-based platform that lets banks and companies supply money faster.
“Finance is viewed as a single entity issue for ages. Operationally firms have long since integrated their supply chains but there is a long way to go for financial integration. Today technology, regulation and market readiness can drive significant transformation in the way companies think about finance in their supply chains. We are very excited about the investment and the opportunities we can unveil with it,” said Nishant Singh, chief executive officer, OweMe.
The company was founded in 2016 by Singh, an IIM Ahmedabad graduate, and Nisha Singh, a former banker.
The development was reported by livemint.com
