TrustChain digital contracting platform raised HUF 207 million investment
TrustChain Systems Kft. raised another investment amounting to HUF 207 million from Hiventures Venture Capital Management Fund Plc. member of MFB Group. The enterprise keeps expanding its scope of services, the realtime remote customer identification service in Hungarian language was launched in February.
On TrustChain’s online platform entrepreneurs, companies and other business actors create, negotiate liaise and sign documents by using only their mobile phones, in a digital and yet legally secure way. Administrative processes, which usually make everyday operation slower and more complicated, like negotiate the content of agreements, and signing report, completion statement and legal documents can become faster, more simple and secure.
From March 1st, the platform will be available to the citizens of 23 countries in addition to Hungarian and Czech companies, namely Albania, Austria, Canada, Cyprus, Estonia, France, Germany, Greece, Italy, Israel, Lithuania, Malta, Moldova, Montenegro, North-Macedonia, Romania, Russia, Serbia, Slovakia, Spain, Switzerland and the United Kingdom.
The investment is going to be used for developing the functions provided for SMEs, market growth and last but not least, hiring new employees.
Dr. Gergely Romhány, CEO of TrustChain Systems Kft. expects that expanding the scope of currently rendered services will be also required for market growth, e.g. remote customer identification service available in the customers’ native language is essential for ideal user experience, when issuing the qualified certificate for electronic signature.
For acquiring the qualified certificate for electronic signature in Hungarian language via TrustChain platform, a unique infrastructure was needed, and the Company received the license for acting as a local registration authority, issued by Evrotrust Technologies AD as qualified trust service provider.
The Company was launched with an initial investment of HUF 53 million provided by Startup Campus Incubator Plc. in July 2017, and the series B fund was raised by Hiventures Venture Capital Management Fund Plc., amounting to HUF 149 million. Together with the HUF 207 million fund recently raised (project identification number: GINOP-8.2.5-17), the Company now operates with HUF 409 million capital. Since October 2019, almost 300 agreements have been signed via the platform.