The blockchain startup Centrifuge today announced the closing of a $3.8 million financing round, which was led by Mosaic Ventures and BlueYard Capital. Started by the founders of Taulia in 2017, Centrifuge is developing a decentralized, blockchain-based protocol which aims to rethink how businesses transact with each other, in a more efficient and open way. Invoicing as we know it, and more importantly the resulting delays in payment and access to liquidity will be solved for good by liberating the data from today’s siloed systems.
Centrifuge is the fourth startup for the team of Silicon Valley veterans who previously built and exited successfully companies in the procure-to-pay and finance space. Centrifuge is growing its engineering and product team in Berlin, while commercial activities are based in San Francisco.
A new open B2B commerce protocol with the tools to fuse traditionally walled-off silos of business data and business logic on a public, decentralized network can create significant value and facilitate a number of new use cases and applications, including a more open marketplace for funding supply chain members and smart contracts that make payment when goods are delivered or services are performed.
Maex Ament, the CEO and Co-founder of Centrifuge, stated: “We want to fundamentally change how businesses interact, by consigning antiquated invoicing processes to the history books. To do this, we are building a world class team in Berlin, which has some of the most talented blockchain engineers in the market. We are super excited that Mosaic and BlueYard are leading this round – their expertise in the blockchain and decentralized internet space is a tremendous asset for Centrifuge.”
“We have been actively investing in the blockchain arena for over 4 years and have interacted with hundreds of teams. We love the bold vision and the unmatched experience of the Centrifuge team, which make this a compelling opportunity and strong match with our investment thesis for the space”, said Toby Coppel, Partner and Co-founder of Mosaic.