Blockchain group Finboot announces £2.4m fundraise
Enterprise blockchain technology group Finboot is setting up operations in Cardiff, Wales, having secured a £2.4m equity investment from 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, who was the company’s original lead investor in 2018.
Finboot is the SaaS company behind MARCO, a unique 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, 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.
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. With the support of the Development Bank of Wales, Finboot’s diverse and talented management team expects to create a number of highly-skilled technical jobs in Cardiff.
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.”