Chrono.tech is thrilled to announce it has attracted a total of $30 million in investment, with participants in the funding round including well-known Australian venture capitalist Mark Carnegie and a major European Family Office.
The funds invested in Chrono.tech will be used for scaling and developing the suite of services the company offers in the HR and crypto payroll sectors, as well as its latest solutions for workforce management. Over the past five years, Chrono has released and refined a range of tailored products that assist companies in setting up convenient payment gateways for cryptocurrencies, and help them find freelancers willing to accept digital currencies as a means of payment. New functionality will now be developed to allow global users to access these services more effectively, and make interactions across Chrono’s products easier and safer.
About the Investors
Mark Carnegie is a professional venture capitalist with over 30 years’ experience as an entrepreneur, investor and corporate adviser in New York, London and Sydney. MH Carnegie & Co has over a billion dollars under management and has recently expanded its activities into the decentralised ledger space with the launch of MHC Digital Asset Fund, which is aimed at blockchain-based technology companies. Mark has worked with Chrono.tech founder Sergei Sergienko, co-founding P2E initiative Crypto Gaming United and two digital asset managed investment funds.
“Crypto assets can be highly complex and obscure, and operate on a very different paradigm to the centralised financial sector – not least in terms of secure storage,” Mark noted. “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.” Mark has made a personal investment in the company.
The second significant investment was made by a European family office. Family offices are companies that manage assets for wealthy families, and typically have at least $100 million under management. As privately-held companies, they have greater flexibility than funds that deal with customers’ money, and have been among the first institutional investors in cryptocurrencies and blockchain companies.
Chrono.tech: From Strength To Strength
Chrono.tech was founded in 2016, making it one of Australia’s oldest blockchain businesses and the foremost provider of blockchain-based solutions aimed at the HR and recruitment sector.
LaborX, Chrono’s flagship product, is a smart contract-powered freelancer platform that enables anyone, anywhere in the world to connect, organise work, interact on a peer-to-peer basis and receive payments in cryptocurrencies. LaborX has seen its user base grow to over 42,000 freelancers and almost 5,000 customers, as demand for digital currencies and flexible employment have both soared over the course of the pandemic.
Chrono.tech’s product lineup also includes TimeX, a secure digital asset trading platform that has already managed to secure its place in the top 100 exchanges by trading volume. The company is also active in the decentralized gaming space, promoting the Crypto Gaming United (CGU) platform based on the emerging Play-to-Earn model. Co-founded by Mark Carnegie and Sergei Sergienko, CGU raised over $17 million in October last year. The project also gave Mark insight into Chrono.tech’s business model and products, ultimately prompting him to invest.
“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.”
All of the products within the Chrono ecosystem are powered by the native TIME token, which gives users access to premium services and can be staked using the TimeWarp application. Chrono.tech’s success over the course of 2021 brought about a 200-fold increase in the price of TIME.