Corona, an investment arm owned and operated by Anheuser-Busch InBev, one of the biggest brewing companies in the world and the company behind Budweiser has just invested in a United States based blockchain identity startup BanQu. BanQu broke the news on June 6th through a post on their website, and the company has reportedly raised an undisclosed amount through ZX Ventures.
ZX Venture is the company’s growth and innovation groups that invest in startups addressing consumer needs and business intelligence. BanQu is raising the funding for the development of its blockchain based global supply chain platform. According to the post, the funding secures BanQu’s interests overseas as well as in the United States.
BanQu had also been part of the 100+ Accelerator program at AB InBev. The 100+ Accelerator is operated by AB InBev to champion new startups that are environmentally sustainable and are geared towards the humanitarian effort. The CSO at AB InBev said in a statement:
After BanQu’s outstanding pilot performance in our 100+ Accelerator, we are pleased to solidify the partnership with Ashish, Jeff and the entire team at BanQu through an equity investment
BanQu opens itself up to new opportunities as the deal is a gateway for the company to do business with FMCG companies and help them build a better supply chain while also ensuring that the UN’s Standard Development Goals (SDGs) are also achieved during that time. The company has aimed to help more than 100 million people to get out of extreme poverty before 2023, and it hopes to leverage its position with governments and brands to help these people
The BanQu Story
BanQu, a US-based startup calls itself the world’s first and only non-crypto based blockchain platform, that is geared towards helping people by using their global supply chain for poverty alleviation. The company is operating in countries with extreme poverty, and the new funding will help the company move into other countries as well. Tony Milikin, the Chief Sustainability Officer for AB InBev, commented on the partnership saying:
Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals.
This is not the first time that both the companies have partnered up, In August 2018, both companies announced a partnership right after BanQu launched its pilot project in Zambia, a project that helped more than 2000 people, mostly farmers. The association was geared towards BanQu, helping AB InBev reach the 2025 sustainability goals outlined by the World Wide Brewing Alliance. The partnership has helped AB InBev and has helped both the companies.
Both the companies have implemented BanQu blockchain in Uganda, India, and Zambia, countries where AB InBev sources its products from, and It is estimated that the partnership helps more than 2000 farmers in the region. The companies are also looking to expand to Brazil in the coming years. An InBev executive commented on the partnership saying:
“Over the last year, we have implemented the BanQu platform with over 4,000 of our direct farmers in Zambia, Uganda, and India. Through this work, we are helping to create a digital ledger of farmers’ transactions that will create an economic identity and enable access to financial services. This will ultimately allow farmers to grow their business and improve the livelihoods of their families and communities”.