WaveBL, a provider of blockchain-based electronic bills of lading (eBLs), has raised a further US$11mn which the Israel-based fintech company says will bolster its market expansion plans.  

The funding adds to the US$26mn secured by WaveBL as part of a series B funding round in June 2023, led by Arkansas-based NewRoad Capital Partners and involving a mix of existing and new backers. 

A WaveBL spokesperson says the latest investment comes from two US-based investors specialising in bulk liquid and smart logistics solutions, though declined to name them directly.  

The US$11mn – a combination of equity and venture debt – will help the company “continue to solidify its position as an industry leader by expanding new offerings and supporting scenarios that establish a new benchmark of trust and efficiency in international trade”, WaveBL says.  

“The additional investment, originating from strategic ventures deeply rooted in the supply chain and trade finance, will expedite our plans to offer a comprehensive digital trade documents solution from issue to customs,” says Noam Rosenfeld, CEO at WaveBL.  

Led by former technological leaders and experts from the Israel Defense Forces, Wave completed the world’s first live blockchain trade transaction with Barclays in 2016, and since then has signed up some of the world’s largest ocean carriers and NVOCCs, including Hapag Lloyd, Leschaco, MSC, One, Saco and ZIM. 

In 2021, the firm raised US$8mn to support its plans to boost take-up of its solution among banks, bringing in former HSBC executive Ofer Ein Bar as head of financial institutions.