Chupi Raises 3.75 Million Euros in Its First Funding Round and Invests in Blockchain Technology

02/14/2023 10:33 • Tech Trends • 84 views

It is reported that Chupi, a jewelry brand, announced the completion of 3.75 million euros of financing with the participation of Business Venture Partners (BVP), Abbey Finance and Permanent TSB (PTSB), which is also the first financing since the company was founded in 2013. Chupi said it would increase its investment in blockchain technology and use it to track and identify diamonds. （independent）

Jewelry brand Chupi has completed 3.75 million euro financing and will invest in blockchain technology to track diamonds

Analysis based on this information:

Irish jewelry brand, Chupi, recently announced the completion of its first financing round with a total of 3.75 million euros in funding. Business Venture Partners (BVP), Abbey Finance and Permanent TSB (PTSB) participated in the funding, making it the first financing round the brand has secured since its inception in 2013.

Chupi has plans to use the newly acquired funds to increase their investment in blockchain technology which they intend to utilize in tracking and identifying diamonds. The announcement of this investment is not surprising as the use of blockchain technology in the diamond industry is not new.

In recent years, blockchain technology has become increasingly popular in the diamond industry, especially as a tool for tracking diamonds. This technology provides reliability and transparency to the value chain and the diamond industry has been using it to enable traceability, transparency and ethical sourcing of diamonds. The use of blockchain technology ensures that diamonds are not obtained through illegal means such as child labor, violence, or war.

Chupi’s decision to invest in blockchain technology is part of a larger trend in the jewelry industry to leverage technology to guarantee the ethical sourcing of diamonds.

The jewelry brand’s investors also expressed their enthusiasm for Chupi’s commitment to blockchain technology. PTSB shared their reason for investing as being because Chupi is an “innovative brand with a fantastic product range and a commitment to values that align with our own.” This alliance is an indication of the recognition and support Chupi is receiving from established financial institutions.

In conclusion, Chupi’s recent funding round indicates that investors are confident in the future of the brand and support its decision to embrace emerging technologies such as blockchain. Increasing investment in blockchain technology will align the brand with modern practices in the jewelry industry and ensure that customers are assured of the ethical sourcing of the brand’s diamonds.

Overall, Chupi’s use of blockchain technology to track diamonds will also help to increase transparency in sourcing. There is no doubt that Chupi’s commitment to ethical practices is commendable and their recent funding is a sign of confidence in the brand’s growth and long-term sustainability.

To summarize, the jewelry brand’s investment in blockchain technology is a standout milestone. The technology will serve as an efficient tracking tool, making the sourcing and allocation of diamonds more attractive to potential buyers, thus giving Chupi a competitive edge.

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