LONDON, Aug. 20, 2018 /CNW/ - Dorae Inc. has closed its first round of external capital raising, achieving a USD 24 million valuation in a process that was several times over-subscribed.
Dorae is the leading distributed ledger technology company for raw materials.
Ricardo Santos Silva, Co-Founder and Executive Chairman of Dorae commented, "We have been very impressed with the focus and enthusiasm of investors in this round, showing the appetite that exists for quality technology projects with global reach. The track record we have in bringing successful projects to fruition has been important, as has our depth in the commodities and financial sectors. Blockchain is changing the way we do business in the same way email changed the way we communicate."
Dorae is active around the world, serving commodities supply chain participants from primary producers to end manufacturers. Independent from its users, Dorae enables compliance for processors and consumers of provenance-sensitive materials and enables automation and working capital efficiency across all products.
Aba Schubert, Co-Founder and CEO of Dorae added, "We are very excited about this support from private capital. Our first place result in the Volkswagen, Zalando and Adidas hackathon underscored our technical position in the supply chain space. And our investors recognise the commercial value in the way we act - solving a problem that exists, rather than building a solution and then looking for a problem."
Dorae has offices in Palo Alto, London and the Cayman Islands.
SOURCE Dorae Inc