Enterprise blockchain technology group Finboot has secured £2.4m in equity investment.
Finboot has developed MARCO, a suite of blockchain applications and solutions to help organisations make use of blockchain capabilities, enabling businesses to digitise industrial supply chains and trace assets for certification.
Launched in 2016, the company recently announced collaborations with energy company Repsol, chemistry supplier Stahl, and international fashion brand Desigual.
Investors include the Development Bank of Wales, energy company Repsol, and New Look founder Tom Singh.
The company is setting up operations in Cardiff, Wales, after identifying the country as the “most attractive place from which to capitalise on the growing number of business opportunities, including those in the fintech space”.
As a result, Finboot expects to create a number of highly-skilled technical jobs in Cardiff.
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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.”
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