Repsol-backed London blockchain startup Finboot coins £2.4M funding, plans to set up operations in Cardiff
Finboot, a London-based enterprise blockchain technology group, has secured a £2.4 million equity investment.
Various investors, including the Development Bank of Wales, the multi-energy company Repsol, through its private equity investment fund Repsol Corporate Venturing, and New Look founder Tom Singh, backed the company.
The funding will be used to set up Cardiff operations and create a number of jobs there.
Offers blockchain applications and middleware solutions
Established in 2016 with operations in the UK and Spain, Finboot is the SaaS company behind MARCO, a suite of blockchain applications and middleware solutions that unlock blockchain capabilities for enterprises.
Building on top of any of the multiple blockchain frameworks, MARCO transforms complex and emerging blockchain technology into easy-to-use, quick-to-deploy, bespoke track-and-trace applications.
At present, it is used in various industries, including Oil & Energy, Chemicals, Retail, Automotive, Travel & Tourism, and Healthcare.
The UK company works with Repsol, global chemistry supplier Stahl, leading international fashion brand Desigual, Spanish agritech business Fidesterra, the London Chamber of Arbitration and Mediation, and Minexx, which traces and secures the mineral supply chain in Rwanda and the Democratic Republic of the Congo.
Setting up in Wales
With demand for enterprise blockchain solutions increasing globally, Finboot identified Wales as being the most attractive place from which to capitalise on the growing number of business opportunities, including those in the fintech space.
Finboot will become part of Wales’ growing blockchain community, which is supported by the country’s newly-formed, dedicated blockchain network Blockchain Connected.
Nish Kotecha, Chairman, and Co-Founder of Finboot said: “We are very pleased to welcome the Development Bank of Wales to the Finboot family as we establish our presence in Wales to capitalise on the many opportunities here and to continue our relationship with Repsol as both an investor and customer. Securing this equity investment means that we can further build on the accelerating momentum of the past four years by investing in hiring new talent, sales & marketing, research & development, and our world-class technology. We are ambitious and these funds will support us on our journey to becoming a world-leading provider of enterprise blockchain software globally.
“The need for blockchain technology solutions such as MARCO has never been greater. The COVID-19 pandemic has shone a light on the fragility of supply chains around the world, leading to a sharp acceleration of digitalisation. Simultaneously, ESG has become a key business imperative as corporates are under ever-increasing scrutiny from regulators, consumers, and shareholders to build back better. This has driven the need for transparency and visibility throughout processes, supply chains, and value chains. MARCO creates efficiencies and optimises processes, while also improving companies’ sustainability credentials and reporting procedures. We look forward to helping many more enterprises unlock the potential of blockchain in the years to come.”
David Blake, Investment Executive with the Development Bank of Wales, said: “Finboot is an exciting and dynamic business that is at the forefront of blockchain software technology. It’s exactly the type of high-value company that we want to attract to Wales with our tech venture investments; supporting innovative technology businesses as they develop and create highly skilled jobs. Finboot’s MARCO middleware can be adopted across a variety of sectors on account of its ’out-of-the-box usability and blockchain agnostic credentials, meaning the company can explore opportunities across all industries and geographies. We’re delighted to be welcoming Finboot’s culturally diverse leadership team as they maximise opportunities to grow the business from their new base in Cardiff and existing operations in Barcelona.”
Jose Salinero, Sr. Investment Manager at Repsol Corporate Venturing, commented: “Repsol and Finboot’s relationship started back in 2017 when the team just had an idea to apply blockchain within enterprises. This innovative idea has become a reality, and the application of BlockLabs, which we jointly developed and tested with Finboot, now helps us to make Repsol’s processes safer and more efficient in Repsol Technology Lab and our refineries. At Repsol, we boost open innovation to turn start-ups´ ideas and technologies into viable businesses and we are proud and happy to be part of this new investment round.”