Israeli carrier ZIM is pushing its ambitions to ditch paper from bills off lading with a further investment in a local tech firm.
ZIM and Marius Nacht, an Israeli investor, have jointly invested in a Series B financing round of WAVE BL, a developer of a blockchain-backed e-bill of lading. The two investors co-lead a round of approximately $8m.
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 customers worldwide, requiring only a simple onboarding process which is supported by ZIM.
ZIM president and CEO Eli Glickman commented: “Today, ZIM is an industry leader in paperless shipping processes, and 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.”