Enigio Time AB has raised EUR 2.7 million lead by MOOR Holding AB and followed on from current shareholders, including Stockhorn Capital AB. The investment includes an option for the same investors to inject a further EUR 2.2 million in the first half of 2022.
Björn Yrlid, General Counsel of MOOR Holding, has joined Enigio’s Board of Directors alongside MOOR’s CEO Malin Bäcklund as a deputy board member.
Enigio makes it possible, through its technology trace:original, to digitally create, manage and change ownership of negotiable instruments and documents of title, such as bills of exchange and bills of lading. The solution is designed to comply with current legislation and is fully aligned with UNCITRAL’s Model Law on Electronic Transferable Records (MLETR).
Enigio’s trace:original has been integrated with major trade finance software providers, such as China Systems and Finastra, to enable their bank and corporate customers to create, manage and interchange digital original documents, removing the need for a central registry or central document repository.
The solution is also being used in logistics for digitising key transport documents. Scanlog, a leading Scandinavian logistics company, has in 2021 started creating digital CMRs using the trace:original technology. The same technology is further applied in the European certification market and being evaluated for other markets where digital original documents with regulatory certainty are needed to eliminate fraud risk in highly efficient document processes.
Malin Bäcklund, the CEO of MOOR Holding said,
“Enigio’s trace:original is an innovative solution that has the potential to digitise the large volumes of paper documents that still circulate globally in trade finance, supply chain and logistics. In addition, there are more untapped business cases for this technology. MOOR is delighted to add Enigio to our technology focused portfolio and we see several potential synergies with our existing portfolio companies.”
Göran Almgren, co-founder and CEO of Enigio comments,
“Having MOOR Holding as a new major investor is a significant step for Enigio. Our market approach is ambitious and having two major and long-term supportive family offices as lead investors is a perfect match with our growth strategy. In addition, we are excited over the possibility of having access to the competence within MOOR and its extensive network”.