Press Release: Accredify Raises S$300,000 in Seed Round
SINGAPORE, 3 Oct 2020 – Accredify, a Singapore-based SaaS startup founded in July 2019, is announcing today the closing of its seed funding round in March 2020, where they raised S$300,000. The seed round was led by LuneX Ventures and was joined by Endeavour Ventures as well as a number of prominent angel investors. LuneX Ventures is a spin-out from Singapore based VC firm, Golden Gate Ventures, with a global mandate to invest exclusively in high-growth blockchain companies and cryptocurrency assets.
Accredify helps educational institutes create and issue credentials that are tamper-proof and easily verifiable using OpenCerts, an open source schema which utilises blockchain technology to publish tamper-proof documents. OpenCerts was developed by GovTech Singapore as part of the Singapore Government’s initiative for the nation to go digital.
Accredify’s end-to-end service includes template creation, generation and distribution of certificates, and providing a drag and drop portal for easy verification and display of credentials on the institute’s webpage.
Currently, Accredify serves more than 30 institutions across Singapore, Malaysia, Japan, and Myanmar. Some notable clients include NUS, NTU, SMU, BAC Education Group, and NTUC LearningHub.
Kenrick Drijkoningen, the Founding Partner at LuneX Ventures, explains: “Accredify is one of the first real world applications of blockchain outside of financial services addressing an immediate pain point: document authenticity verification. LuneX invests in businesses that create radical efficiencies and we’re proud to be backing Accredify to get rid of excess paperwork and manual processes.”
Accredify plans to be interoperable with other protocols like Open Attestation, W3C and Blockcerts. It is also planning to roll out its data analytics module that provides education institutes with insights such as predicting the employability of students and providing course recommendations.
Though Accredify’s initial focus was on the higher education sector, the company has begun its expansion into the healthcare industry with a recent collaboration with Singapore’s Ministry of Health and Ministry of Manpower to facilitate the re-entry of foreign workers into the workforce.
Funds raised from the seed investment round will be used for product development and customer acquisition through expansion into foreign markets. To achieve these objectives, Accredify will be opening its first satellite office in Ho Chi Minh City with the support of Grab Ventures through its Grab Ventures Ignite scale-up programme. It will also be expanding into Taiwan with the support of Taiwanese accelerator, Appworks.
Quah Zheng Wei, CEO and Co-Founder of Accredify, remarked: “The team is at the heart of Accredify. The investment made by these esteemed investors is truly a vote of confidence in the ability of our team. It is indeed a testament of what we have achieved together and is also a prelude of what is to come. With the wealth of knowledge and experience that the seed investors bring to Accredify, I am exceptionally excited and confident of the future of our firm.”
For more information on Accredify, follow @Accredify on LinkedIn.
Headquartered in Singapore, Accredify is a SaaS company that supports organisations in their document lifecycle management and ensuring their documents are easily verifiable. With a dedicated team that embraces the highest standards of customer service, security, legal compliance, Accredify’s objective is to be the trusted solution for managing and verifying documents anywhere and anytime.
For more information, please visit www.accredify.io
Quah Zheng Wei
CEO and Co-Founder, Accredify