Web3 startup Polytrade has raised $3.8 million in a seed funding round led by Alpha Wave, Matrix Partners, Polygon Ventures and CoinSwitch Ventures.
The round also saw participation from Singularity Ventures, GTM Ventures and angel investors.
The startup plans to use the raised capital to develop its product suite and marketing and expand to newer geographies, including Latin America and European markets. It also aims to bring a fully integrated trade platform in the next 2 quarters.
Founded in 2021 by Piyush Gupta, Polytrade targets small and medium enterprises (SMEs) and manufacturers to streamline the supply chain by providing real-time data, thus reducing errors, delays, and disputes, while also improving visibility and transparency.
Piyush Gupta said, “We understand where the problems lie as well as the real-world impact web3 can bring. I also firmly believe that with Polytrade, we will make trade finance one of the most preferred asset classes for investors given its relative safety coupled with robust yields.”
Sandeep Nailwal, co-founder and CEO of Polygon, said, “Polytrade’s integration of DeFi with traditional finance represents a much-anticipated step forward in the evolution of the financial landscape. Given our long-standing relationship with the team, I am convinced that their unwavering dedication to real-world assets and DeFi will prove to be a transformative force for the web3 ecosystem and drive widespread adoption.”
Source @Indianstartupnews
