Swedish fintech Enigio Time has won €2.7mn in new investment to fuel the global rollout of its trace:original digital trade finance documentation product.
The funding was led by Moor Holding, a Swedish family office which has also previously invested in trade finance marketplace Mitigram.
Under the arrangement, Moor has become a shareholder in Enigio. Moor’s general counsel, Björn Yrlid, will join the fintech’s board.
Existing shareholders, including Stockhorn Capital, also contributed to the new funding, Enigio’s CEO and co-founder Göran Almgren tells GTR. A second new investor, which the company declined to name, also made a small investment.
“The investment is in line with our existing business plan, which includes a global roll out of trace:original,” Almgren says.
Enigio first entered the trade finance space in 2019. The trace:original product is a blockchain-based solution that enables users to create digital documents, prove and transfer ownership and validate that a digital document is the same as the original version.
Last year the company helped digitise the back office of trade finance software provider China Systems. It has also partnered with Finastra.
“Having Moor Holding as a new major investor is a significant step for Enigio,” Almgren says in a statement.
“Our market approach is ambitious and having two major and long-term supportive family offices as lead investors is a perfect match with our growth strategy. In addition, we are excited over the possibility of having access to the competence within Moor and its extensive network.”
Moor Holding CEO Malin Bäcklund describes the trace:original product as “innovative” and says “there are more untapped business cases for this technology”.
“Moor is delighted to add Enigio to our technology focused portfolio and we see several potential synergies with our existing portfolio companies.”