Chrono.Tech Closes $30 Million Funding Round Led By Venture Capitalist Mark Carnegie

February 15, 2022
Featured Stories , Fundable

SYDNEYJan. 27, 2022 /PRNewswire/ — Chrono.Tech — an Australian blockchain software company — has attracted over $30 million in investment funds to grow its HR-focused solutions aimed at solving a number of problems in the recruitment industry using blockchain technology. The funding round was led by Australian venture capitalist Mark Carnegie and a leading  European Family Office.

As a professional venture capitalist with over 30 years’ experience as an entrepreneur, investor and corporate adviser in New YorkLondon and SydneyMark Carnegie has previously worked with Chrono.Tech founder Sergei Sergienko, co-founding the Crypto Gaming United startup and two digital assets managed investment funds.

“Given that Mark Carnegie is both a well-respected and successful asset manager and venture capitalist, and someone who has recognised the potential of blockchain technology, it’s very encouraging that he has given Chrono.Tech his vote of confidence through his investment in the company,” as Sergei Sergienko, Chrono.Tech founder and CEO, commented on the investment round. “Along with the European investment, it’s validation from the mainstream financial world of the work we’ve been doing for the past five years, and a strong signal that we’re on the right track for further growth in the months and years to come.”

MH Carnegie & Co has over a billion dollars under management and has recently expanded its activities into the decentralized space with the launch of MHC Digital Asset Fund aimed at blockchain-based technology companies.

“Crypto assets can be highly complex and obscure, and operate on a very different paradigm to the centralized financial sector — not least in terms of secure storage,” as Mark Carnegie noted the investment in Chrono.Tech. “Sergei has a strong network in the crypto community and extensive experience in identifying crypto initiatives that provide an excellent balance of risk and return, making him a natural addition to the team.”

The funds invested in Chrono.Tech during the latest round will be used for scaling and developing the lineup of services and products the company offers in the HR and crypto payroll sectors, as well as its latest directions in workforce management. The company offers a range of tailored products that assist companies in setting up convenient payment gateways in cryptocurrencies and help them find freelancers willing to accept digital currencies as a means of payment. New modules and extensions will be launched to allow users to access the full scope of services and make interactions on the platform both easier and safer.

About Chrono.Tech

Founded in 2016, Chrono.Tech is Australia’s oldest blockchain business that is engaged in building a suite of software solutions aimed at the HR and recruitment sector. The company is currently developing LaborX — its flagship product that acts as a contract-powered freelancer platform enabling anyone around the world to interact on a peer-to-peer basis and receive payments in cryptocurrencies. LaborX has seen its user base grow by over 42,000 freelancers and almost 5,000 customers in light of surging demand for digital currency markets.

Chrono.Tech’s product lineup also includes TimeX — a secure digital asset trading platform that has already managed to gain a foothold in the top 100 exchanges by trading volume. The company is also engaged in decentralized gaming, promoting the Crypto Gaming United (CGU) product based on the newfangled Play-to-Earn model. Co-founded by Mark Carnegie, CGU raised over $17 million in October of last year.

All products within the Chrono ecosystem are powered by the internal TIME token, which gives users access to premium services and can be staked using the TimeWarp application. 2021 saw a 200-time price increase of the TIME token.

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SOURCE Chrono.Tech

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