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Largest Venture Capital Firm in Korea Invests in Blockchain-Powered Supply Chain Startup

TEMCO, a start-up that aims to disrupt the supply chain management system through blockchain technology has secured funding from the largest venture capital firm in Korea, Korea Investment Partners (KIP). TEMCO will benefit from the know-how and financial power of KIP as strategic investment partner in its attempt to gain traction.

Blockchain Technology: The Key Ingredient for Taking Supply Chain to the Next Level

TEMCO believes that a combination of Public Ledgers and Smart Contracts will solve an ongoing issue in supply chain management systems: a tendency of falling short during the pre-delivery stages in supply chain operations. The startup aims to reinvent this entire process and has become the first ICO that manages to rise funding from a large venture capital firm.

KIP – a Long Track Record of Investments in Major Growth Sectors

Korea Investment Partners is specialised in identifying and investing in startups and business sectors with a high growth potential. For over 30 years, the Korean-based venture capital firm has increased its portfolio to over 20 private equity funds and over 500 companies.

Among KIP’s most significant investments are Naver – the leading search engine and web portal in Korea, and Daum Kakao – the most popular mobile messenger service in Korea.

“TEMCO is more than prepared to disrupt contemporary supply chain process. Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology. Korea Investment Partners is proud to be a leading investment partner for TEMCO,” declared the Fintech Investment Board Member of KIP, Jong Hyun Kim.

TEMCO Announces Upcoming Token Sale Opportunities for Users

Apart from KIP, TEMCO benefits from the financial support of other top level companies, such as the Bitcoin smart contract platform RSK, the ICON foundation accelerator Debloc, the global blockchain accelerator Blockchaini, and the global cryptocurrency investment firm TLDR Capital.

TEMCO has also announced that it will soon launch a $19 million worth token sale. The sale will be scheduled in two sessions: whitelist token sale in October 2018 and pre-sale close to November 2018.

A Positive Signal from South Korea with Respect to Blockchain Technology

KIP’s decision to invest in TEMCO also has a significance from the point of view of the official stance of South Korea regarding blockchain technology. Last year, the Financial Services Committee banned local companies and startups from participating in initial coin offerings and announced “stern penalties” for noncompliance.

However, this initial attitude has become gradually more blockchain-friendly. For instance, in August, the governor of the Jeju province proposed the idea to make the island a “free zone” for blockchain startups to launch ICOs.