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Cere Network Raises $31M in Funding Round Led by Republic, Polygon
Funding will be used for new hires, developer network growth and app development.
Cere Network, the developer of a blockchain-based customer relations management system, said it raised $31 million in a funding round led by the investment platform Republic and Polygon.
The Berlin-based company said it will use the funding to speed the integration of its decentralized data cloud into Polygon’s protocol. Completion is expected about the same time as its integration with Polkadot, by the end of the third quarter.
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Republic led a $28 million token offering that included smaller raises on DAO Maker and Polkastarter, Cere Network said. Polygon invested $3 million, which will be used for new hires, developer network growth and app development.
“The Cere decentralized data cloud is the future of blockchain data and takes harnessing datasets to the next level” said Sandeep Nailwal, the co-founder and COO of Polygon. “Our investment in Cere and their integration into our protocol means that Polygon’s ecosystem maintains its market leadership.”
Cere Network is also backed by Arrington XRP Capital, AU21, Fenbushi Capital and Neo Global Capital. Cere has its own blockchain, which supports Polkadot with bridges to Ethereum and Polygon, also allowing for data transfers.
Cere’s team has grown to more than 60 employees globally to meet the demand for its decentralized data cloud launch.
Read more: Cere Network Raises $1.5M More to Bring Its ‘Decentralized Salesforce’ to Polkadot
UPDATE (SEPT. 9, 14:47 UTC): Company changes location of its headquarters.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
