The amount of the deal was not disclosed.
The company intends to use the funds to develop its tech platform.
THE PRESS RELEASE
TEMCO Secures Investment from No. 1 Korean Venture Capital “Korea Investment Partners”
SEOUL, South Korea, Oct. 1, 2018 /PRNewswire/ — TEMCO, Korean startup preparing supply chain based on bitcoin (RSK), said it has successfully secured institutional investment from “Korea Investment Partners” (KIP), the foremost leading venture capital of Korea. KIP has been investing in growing billion-dollar companies such as: Naver, Kakao, Korbit, DoubleU Games, Bithumb and now TEMCO. KIP will serve as one of the key business partners in TEMCO’s exponential growth.
TEMCO aims to disrupt the supply chain management system. Contemporary supply chains fall short during the pre-delivery stages in the supply chain. By utilizing bitcoin smart contracts blockchain technology, TEMCO aims to reinvent the supply chain process. Envisioned as a public supply chain blockchain, TEMCO utilizes Smart Contracts and Public Ledgers to build the next generation of supply chain management systems.
Korea Investment Partners (KIP) specifically invests in high growth sectors. The venture capital operates from global offices situated in Seoul, Shanghai, Beijing, and Sunnyvale-California. With a portfolio that spans across 30 years, the venture firm manages over 20 private equity funds and successfully invested in over 500 companies. Notable investments being: Daum Kakao – the most widely used Korean mobile messenger, Naver – the dominant search engine and web portal in Korea, etc. KIP will utilize their management expertise to accelerate TEMCO’s development.
TEMCO is the first ICO to be funded by a major venture capital. The premier venture capital investment validates the appeal of TEMCO’s transcendent business model, that reaches beyond niche blockchain applications. TEMCO and Korea Investment Partners (KIP) are primed to open a new crypto-venture capital horizon.
Korea Investment Partners (KIP) joins a list of world-class institutional investors that support the TEMCO project: RSK – Bitcoin Smart Contract Platform, TLDR Capital – Global Cryptocurrency Investment Firm, Deblock – ICON Foundation Accelerator, and Blockchaini – Global Blockchain Accelerator.
Jong Hyun Kim, Fintech Investment Board Member of KIP, said, “TEMCO is more than prepared to disrupt contemporary supply chain process. Not only does TEMCO exceed existing business solutions, but also is a prime example of the potential of blockchain technology. Korea Investment Partners is proud to be a leading investment partner for TEMCO.”
TEMCO aims to revolutionize the supply chain market starting with the $19M token sale. Users can participate in the token sale white list in October 2018 and pre-sale near November 2018. Learn more about TECMO project on their website (https://temco.io).