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Fintech Startup Avenews-GT Announces $3 Million Fund Raise From Global Holding Group
Today, Avenews-GT, a digital agricultural trading platform, announced a $3 million Series Seed fund raise from high-profile global holding group, XT Hi-Tech.
"The streamlining and promotion of agriculture today are a central focus of global attention as we work to solve the problem of food insecurity for billions of people. Increasing access to farmers mostly in developing countries for supply chain digitization, credit and other banking services through Avenews-GT's fintech platform will advance this goal, and we are excited to take part in this important effort," said XT Hi-Tech Chairman Udi Angel. "I am proud that Avenews-GT has chosen us as partners to enhance the often-underserved business sector of farming."
Founded in 2017 and managed by Shalom Ben-Or, Ishai Ben-Or, and Ismail Kharoub, Avenews-GT connects financial institutions and agri-businesses through a digital infrastructure that is blockchain capable and directly links trade activity with supporting financial services.
"As someone who grew up in an agricultural community, I know first-hand the challenges farmers face when trying o connect with buyers in an increasingly digital world," said CEO Shalom Ben-Or. "At Avenews-GT, we offer clients a way to manage their business and trade operations through a single, paperless system that can track their sales and contracts, and open access to financial institutions."
Currently, Avenews-GT works in collaboration with the largest banking groups on the African continent, where agriculture accounts for about a third of gross domestic product.
XT Hi-Tech was established in 1997 as the venture arm of XT Holdings, a global holding group. XT Hi-Tech invests in Israeli technology start-ups in various fields and to date completed more than 80 investments generating superior return throughout the years.
Avenews-GT was founded in 2017 and managed by Shalom Ben-Or, Ishai Ben-Or and Ismail Kharoub. The company's platform enables digitization of the agricultural supply chain so agri-businesses can run their entire business operation through a set of management tools, that control inventory, generate trade documents and initiate payments directly to counterparties.