TradeWaltz, the Japanese logistics blockchain, announced a new funding round with major conglomerate Sumitomo Corporation joining as an investor. The addition of Sumitomo means that four of the six largest Japanese trading groups (Sogo shosha) – including Mitsubishi, Marubeni and Toyota Tsusho – are now amongst the backers of TradeWaltz.
The latest fundraising was for yen 1.65 billion ($12 million), bringing the cumulative investment to Yen 5.65 billion ($40 million).
Before TradeWaltz was incorporated in late 2020, all seven of the top Japanese trading groups were consortium members. With the addition of Marubeni in February and now Sumitomo, TradeWaltz is gradually reeling them in.
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