Advanced Blockchain AG (ABAG) has accomplished its first successful venture exit. The owner of Alfa Bank, ABHH Group, has recently acquired Lendflo, a project receiving venture building through Advanced Blockchain AG.
London based startup Lendflo was founded in 2017 by Chris Smith, John Smith, and Rémi Tuyaerts. The company utilizes an innovative invoice financing platform to enable efficient and speedy access to working capital. It achieves this by combining cutting edge invoice trading technology with its proprietary Ethereum-based software. In this manner, SMEs are able to instantly, easily, and most cheaply receive cash on their outstanding invoices.
In fall 2018, Advanced Blockchain AG made a venture capital investment in Lendflo, with additional contributions from Axiomity AG. ABAG further supported Lendflo by providing them with office space. In part due to the financial and strategic help it had received from ABAG and other substantial investors, Lendflo was able to form relationships with alternative lenders like banks, leading to augmented interest in the purchase of Lendflo. In a a short amount of time after ABAG’s investment in Lendflo, the startup was taken over in a trade sale by ABHH Group.
As a result of this sale, ABAG made a 6-figure return. Furthermore, there is a great degree of potential synergy between this project and what Advanced Blockchain intends to do down the line; the Lendflo project was a highly successful learning experience for ABAG, and served as a perfect proof of concept for Advanced Blockchain’s upcoming expansion into venture capital and venture building in the blockchain industry.