Photo: ZIM

ZIM steps up investment in WAVE BL blockchain tech

Israeli shipping company ZIM Integrated Shipping Services and Marius Nacht, one of Israel’s leading serial entrepreneurs and investors, have jointly invested in a Series B financing round of WAVE BL, a developer of a blockchain network supporting paperless trade in the shipping industry.

As informed, the two investors co-lead a round of approximately $8 million that will accelerate the global implementation of WAVE BL’s technology.

ZIM
Photo: ZIM

“We are seeing growing interest from others in our sector to adopt the platform reflecting the significant benefits it provides to both customers and carriers. This new investment in WAVE BL is a step forward in the path to a more digitized and sustainable future, in accordance with our vision and values,” Eli Glickman, ZIM President and CEO, commented.

ZIM pioneered the first paperless electronic bill of lading pilot in the shipping industry in 2017 using WAVE BL’s platform and has since widely expanded its use. Electronic bill of lading is currently offered to ZIM clients worldwide, requiring only a simple onboarding process which is supported by the company.

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Digitization of bills of lading is revolutionizing shipping documentation, sharply reducing time, complexity, errors and costs for all parties involved, while maintaining a high level of security and, importantly, being far more sustainable than the traditional paper bill of lading.

“Our partnership with ZIM has enabled us to introduce our pioneering technology to a vast audience as we endeavor to become the shipping industry standard in paperless trade. We are extremely pleased with the continued faith and commitment of ZIM and Marius Nacht in our company and look forward to leading the wave of the future in shipping,” Gadi Ruschin, WAVE BL CEO, said.

“We are proud to continue supporting WAVE BL’s remarkable technology and believe in its disruptive potential, leading to a fundamental change in the way business is conducted across countless sectors and industries. We are very impressed with the great progress the team has made and excited to invest in WAVE BL’s trail-blazing platform,” Ophir Shoham, who leads Marius Nacht’s investments in high-tech, added.