Israeli carrier ZIM is boosting its ambitions to eliminate paper bills of lading with a new investment in a local technology company.
ZIM and Marius Nacht, an Israeli investor, have jointly invested in a Series B funding round of WAVE BL, a developer of a blockchain-backed electronic bill of lading. The two investors co-lead a round of approximately $8 million.
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. The electronic bill of lading is now offered to ZIM customers worldwide, requiring only a simple onboarding process that 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 industry to adopt the platform reflecting the significant benefits it provides to both customers and shippers.”