Finboot secures Repsol investment and blockchain solution contract
Finboot, a software innovation group creating enterprise-level products, has secured an investment from global energy giant Repsol as part of its latest fundraise, in addition to securing a commercial contract with the company. Repsol has acquired an 8% stake in the company through its strategic investment fund. The funds will be used to support the enhancement and extension of Finboot’s product offering in line with the company’s growth strategy.
Finboot facilitates and simplifies the adoption of blockchain technologies into daily business operations, focusing on industrial supply chains. It is one of the first tech startups to deliver value in the enterprise blockchain arena and overall distributed ledger ecosystem, with the capability to verify products’ sustainability credentials. Finboot predominantly focuses on the Oil & Gas, Chemicals, Consumer Goods/Retail and Automotive sectors, with plans to extend its industry reach.
Finboot will supply Repsol with its blockchain technology solution BlockLabs, which was developed by Finboot as a pilot during Fundación Repsol’s startup acceleration programme in collaboration with Repsol Technology Lab.
The solution uses blockchain technology to improve the certification process of petrochemical products, thereby driving supply chain efficiencies. It is powered by Finboot’s flagship product MARCO, a blockchain agnostic SaaS which effectively combines business workflows with blockchain core functions. MARCO accelerates ROI for enterprises due to the combination of governance, standards, interoperability and technology, with proof of concept being delivered in just weeks. Repsol estimates that the solution will save more than $451,000 per annum, even with a limited rollout.
Blockchain technology has the potential to accelerate the complex mix of processes that comprise industrial supply chains, enabling secure data sharing and improving auditability. This, in turn, could result in dramatic time and costs savings, and potentially even drive revenue growth. Relatively few enterprises have unlocked the full potential of digital technologies, yet companies that digitise their supply chains can expect to boost annual earnings growth by 3.2% - the largest increase from digitising any business area.
Nish Kotecha, Chairman and Co-Founder of Finboot, said: “We are delighted to have received this double endorsement from Repsol, a global leader in the energy industry. The investment cornerstones our latest fundraising round, while the contract is testament to the capabilities of our technology and its ability to support and enhance efficiencies across enterprises. This partnership represents a significant milestone for Finboot and augurs well for our future growth ambitions.”
Derek Goodwin, Head of Entrepreneurship and Tech FDI at the Department for International Trade, added: “It is a feather in Finboot’s cap that it has attracted this investment from a company of Repsol’s calibre. Our Global Entrepreneur Programme is committed to supporting the development and growth of innovative companies, of which Finboot is a prime example, and we are proud to have worked with this exciting business since its nascent stages. We very much look forward to seeing what the future holds.”