Cardiff-based blockchain technology firm Finboot has been boosted with a new equity investment from the US to support its growth plans.
Supply Chain Ventures has backed the firm that has developed MARCO, an ecosystem which brings together blockchain technologies in one place, connecting multiple ledgers simultaneously. It enables companies to incorporate blockchain within their value and supply chains.
The backing of Supply Chain Ventures, the value of which hasn’t been disclosed, follows on from £2.6m equity round earlier this year, which was led by the Development Bank of Wales, energy company Repsol and New Look Founder, Tom Singh.
Nish Kotecha, founder and chairman of Finboot, said: “This is a really important strategic play for Finboot. The leadership of Supply Chain Ventures has unparalleled expertise and knowledge within supply chains globally, while we bring the next generation technology which enables companies to manage their supply chains through blockchain. This really is the present for those companies – many of which are our customers – which are the early adopters in this space. For others it is very much the future and we look forward to unlocking this potential together with Supply Chain Ventures.”
Supply Chain Ventures was founded by David Anderson, who was previously managing partner of supply chain consulting at Accenture, where he was instrumental in building its $2 billion supply chain management practice.
Mark Doiron, general partner at Supply Chain Ventures, is also personally investing in Finboot. He has extensive experience in the US retail grocery environment.
Based in Massachusetts the firm has an extensive portfolio of investments in the supply chain sector.
David Anderson, managing general partner of Supply Chain Ventures, said: “The Finboot team has developed a world class ecosystem in terms of MARCO and is setting the benchmark in terms of supply chain management utilising blockchain. Supply Chain Ventures is investing in Finboot, but it also reflects our vision for a deep strategic partnership.”
Finboot also has an office in Spain.
