The global shipping industry has long relied on paper-based bills of lading (BLs) a centuries-old tradition that’s slow, error-prone, risky, and environmentally taxing. Transfers between shippers, carriers, banks, and regulators take days or weeks, inviting fraud, loss, and significant carbon footprints. As maritime trade volume surged, the outdated manual processes became a bottleneck calling for a secure, instant, and compliant digital solution. Founded in 2015 and headquartered in Kfar Sava, Israel, WaveBL was spearheaded by tech leaders from the Israel Defense Forces. Their executive team now includes Noam Rosenfeld (CEO) and Or Garbash, building on deep blockchain, cybersecurity, and trade finance expertise.

in 2023 WaveBL has successfully raised $26 million in its latest funding round, consolidating its position as a leading player in the digital trade document sector globally. The round was led by NewRoad Capital Partners, an operator-led, demand-driven investment firm focused on innovative and growth-oriented companies in the supply chain and logistics, retail, and marketing technology sectors. Existing investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central LLC also participated in this funding round, as did a new investor, Reefknot Investments, backed by Temasek and Kuehne + Nagel.  WaveBL is also a proud portfolio company of The Dock Innovation, strengthening its position in maritime tech innovation.

WaveBL’s portfolio encompasses a range of digital trade solutions, including electronic Master and House Bills of Lading (eMBL/eHBL), a Digital Document Hub for invoices and certificates, and structured bank-ready document presentations. These solutions provide significant benefits for the maritime industry by enabling instant and secure document transfers, using the eMLB/eHBL able to reduce operational costs by up to $50 per bill of lading, and saving an average of 2.5 labor hours per transaction. Additionally, the digitalization of traditionally paper-based processes supports environmental, social, and governance (ESG) goals by eliminating courier services and reducing paper waste, while also ensuring streamlined compliance through automated audit trails and regulatory-ready documentation. For seafarers and shipping companies, this translates to faster cargo release, reduced administrative bottlenecks, and enhanced overall operational efficiency.

WaveBL operates by leveraging blockchain technology, advanced encryption, and peer-to-peer (P2P) transfer protocols to securely issue and exchange electronic Bills of Lading (eBLs) and other trade documents. Once a carrier issues an eMBL or eHBL through the platform, the document is cryptographically secured and recorded on a tamper-proof blockchain ledger, ensuring transparency and authenticity. The transfer of ownership or rights is executed directly between parties shippers, forwarders, consignees, or banks via secure P2P transactions, eliminating intermediaries and reducing transfer times from days to just minutes. Each transaction is automatically logged, creating a real-time, immutable audit trail that meets international regulatory standards, while API and email-based integrations allow seamless adoption even for companies with legacy systems. This process ensures fast, compliant, and fraud-resistant document handling across global maritime trade networks.

WaveBL offers several advantages, including significant efficiency gains by reducing document transfer times from days to minutes, enhanced security through blockchain-based tamper-proof records and end-to-end encryption, and cost savings by eliminating courier fees and paper-based processes supporting ESG initiatives by reducing carbon emissions. Its seamless integration with APIs and email-based workflows also makes it adaptable for companies with existing legacy systems, while providing transparent and immutable audit trails to ensure regulatory compliance. However, these challenges also present opportunities for industry-wide advancement. In regions where paper bills of lading are still prevalent, increased awareness and targeted education campaigns can accelerate digital adoption. For smaller companies facing integration hurdles, scalable and user-friendly digital solutions can bridge the gap and support broader participation in digital trade. Regulatory inconsistencies offer a chance for international collaboration to establish unified standards and frameworks, fostering global acceptance of electronic documentation. Additionally, as industry leaders and early adopters demonstrate the tangible benefits of digitalization, conservative attitudes may gradually shift, paving the way for broader transformation across the shipping ecosystem.

Several case studies and use cases highlight WaveBL’s impact on maritime trade efficiency and security. One notable example is Minerva Global’s collaboration with ZIM, which completed the world’s first full blockchain-based electronic Bill of Lading (eBL) transaction within 24 hours, significantly reducing manual paperwork and accelerating cargo release. Logistics companies like Hecny Group have reported a 33% increase in operational efficiency, while KPM Logistics achieved cost savings of up to $50 per bill of lading and reduced labor time by 2.5 hours per transaction. Major carriers such as MSC, ZIM, and PIL have also adopted WaveBL’s technology to streamline their documentation workflows, and forwarders like Asia Shipping have utilized its electronic House Bill of Lading (eHBL) to speed up end-to-end trade processes. These real-world applications demonstrate WaveBL’s effectiveness in reducing delays, preventing document fraud, and enhancing overall transparency in global maritime trade.

WaveBL is revolutionizing maritime trade by replacing traditional paper-based Bills of Lading with secure, efficient, and environmentally friendly digital solutions. Through its innovative use of blockchain, encryption, and peer-to-peer transfer protocols, the company significantly reduces processing times, operational costs, and fraud risks while ensuring regulatory compliance and transparency. Its growing portfolio, including eMBL, eHBL, and a Digital Document Hub, provides tangible benefits for carriers, forwarders, banks, and seafarers by streamlining documentation workflows and accelerating cargo release.

References

GTR Review. (2023, June 6). WaveBL lands multi-million dollar investment to ramp up electronic bill of lading adoption. Retrieved from https://www.gtreview.com/news/fintech/wavebl-lands-multi-million-dollar-investment-to-ramp-up-electronic-bill-of-lading-adoption 

Ledger Insights. (2023, June 6). WaveBL raises $26m for blockchain bill of lading platform. Retrieved from https://www.ledgerinsights.com/wavebl-ebl-blockchain-bill-of-lading-raises-26m 

PR Newswire. (2024, January 11). WaveBL secures an additional funding of $11M for a total Series B funding of $37 million. Retrieved from https://www.prnewswire.com/news-releases/wavebl-secures-an-additional-funding-of-11m-for-a-total-series-b-funding-of-37-million-302032771.html 

WaveBL. (2023). Electronic Master Bill of Lading. Retrieved from https://wavebl.com/electronic-master-bill-of-lading

WaveBL. (2023). Digital Document Hub. Retrieved from https://wavebl.com/digital-document-hub 

WaveBL. (2023). Minerva Global implements WaveBL technology to lead UK revolution in digital trade communications. Retrieved from https://wavebl.com/minerva-global-implements-wave-bl-technology-to-lead-uk-revolution-in-digital-trade-communications 

WaveBL. (2023). WaveBL has secured $26M in Series B funding. Retrieved from https://wavebl.com/wavebl-has-secured-26m-in-series-b-funding 

WaveBL. (2024). E2open and WaveBL partner to deliver enhanced electronic bills for more efficient end-to-end transportation management. Retrieved from https://wavebl.com/e2open-and-wavebl-partner-to-deliver-enhanced-electronic-bills-for-more-efficient-end-to-end-transportation-management 

LinkedIn. (2023). WaveBL company profile. Retrieved from https://www.linkedin.com/company/wavebl

Startup Nation Central. (2021). WaveBL company funding information. Retrieved from https://finder.startupnationcentral.org/company_page/wavebl 

Parsers VC. (2023). WaveBL company overview. Retrieved from https://parsers.vc/startup/wavebl.com 

Contributor: Ariana Tri Asti
Reviewer : Imam Buchari, David Ratner