Korea Investment Partners (KIP) Invests into TEMCO Blockchain Startup
Korea Investment Partners (KIP), the largest venture capital firm in South Korea, announced on Tuesday that they are investing an undisclosed amount of money into Temco, a blockchain-based startup that aims to revolutionize supply chain management systems for small- to medium-sized businesses (SMEs) using blockchain technology.
Through, vendors can track the movements of products from distribution to eventual consumption on a blockchain, and then share the data as well.
“Temco is more than prepared to disrupt contemporary supply chain process,” Jong Hyun Kim, the fintech investment board member of KIP, stated in the official press release, adding: “Not only does Temco exceed existing business solutions, but also is a prime example of the potential of blockchain technology.”
The startup 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. 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.
Through this investment, 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.