South Korean blockchain startup Blocko has secured $8.9 million in its latest round Series B, drawing support from new and existing investors.

SparkLabs Ventures, POSCO, and Premier Partners joined existing investors Samsung Venture Investment, Daesung Private Equity, and Wonik Investment Partners. With the latest round, Blocko’s total funding till date amounts to $14 million.

The company plans to use the new funds to further strengthen its presence in South Korea as well as in Europe and East Asian markets. It will also dedicate the funds to upgrade its existing blockchain platform for businesses, called Coinstack.

"It has been three years since Blocko was found and laid the foundation for the World's first battle-tested blockchain. We have made significant progress in enterprise blockchain market through which we have gained significant competitive advantages today," said Won Beom Kim, the CEO and Founder of Blocko. "We will further expand our presence into new markets and collaborate with industry, academia, and open-source communities to foster the growth of blockchain technology."

In its official release, the company announced plans to launch its ecosystem project Aergo, which will expand on the existing efforts to collaborate with open source communities to foster the growth of open-source blockchain ecosystems, leveraging its proprietary enterprise blockchain platform, Coinstack.

Founded in 2014, Blocko is an enterprise blockchain platform provider and has successfully established blockchain-based services with the many of the financial institutes including the Korea Exchange, Credit Suisse and conglomerates including Hyundai Motors, Lotte Card and many more.