Blockchain technology group Finboot has secured GBP2.4m (US$3.3m) in funding from a number of investors, including New Look founder Tom Singh, enabling the company to set up operations in Wales.
Finboot is the SaaS company behind Marco, a production-ready suite of blockchain applications and middleware solutions that unlock blockchain capabilities for enterprises. The fast-growing company has recently announced engagements with Repsol, global chemistry supplier Stahl, and international fashion brand Desigual.
The new funding will allow Finboot to set up operations in Cardiff, Wales. Other investors include the Development Bank of Wales, and multi-energy company Repsol, through its private equity investment fund Repsol Corporate Venturing.
Finboot says it 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.
“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,” says Nish Kotecha, chairman and co-founder of Finboot. “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 and 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.”