Supply Chain Ventures invests in blockchain tech delivery firm Finboot
Supply Chain Ventures LLC, the venture capital firm investing in supply chain and data analytics innovators, has given its strategic and financial backing to technology company Finboot.
Finboot gives customers a competitive edge through accelerating their digital transformation, realising value and building trust through blockchain. Its customers include Iberia, Stahl and Thales.
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 $2bn 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.
The strategic backing of Supply Chain Ventures and Doiron follows Finboot’s successful $3.6 million fundraise announced earlier this year, which was led by the Development Bank of Wales, energy company Repsol and New Look Founder, Tom Singh. The Supply Chain Ventures’ stake is undisclosed.
Finboot 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, bring traceability, transparency and compliance which, in turn, helps them meet sustainability and ESG requirements while also increasing operational efficiency.
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, which is based on Boston, Massachusetts, has an extensive portfolio of investments in the supply chain sector.
David Anderson, the 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.”