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BlockApps raises $41 million for enterprise blockchain solutions

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Today BlockApps announced that Liberty City Ventures led its $41 million Series B funding round. New investors in the round included Morgan Creek Digital, Eldetic Ventures and Givic.

Bayer was one of the company’s first big-name clients for the BlockApps TraceHarvest solution. While most blockchain food traceability solutions track agriculture supply chains from farm to fork, TraceHarvest goes one step further by also logging the seeds.

Another big name client is Blockchain for Energy (formerly OOC), the oil consortium founded by Chevron, ExxonMobil, Hess, and Repsol, which is using BlockApps’ Seismic entitlement offering. Energy companies rely on seismic data to identify oil and gas resources. Only a fraction of data is generated in-house, with much of it licensed for specific purposes. It’s the entitlement to the Seismic data that is managed using blockchain and smart contracts.

The startup has several other real world solutions targeting traceability, including tracking carbon emissions (TraceCarbon), beef traceability and clinical trials. At its founding, the company was focused on its STRATO Ethereum-based enterprise blockchain and its Blockchain as a Service offering. 

It has since created a series of networks focused on specific real world applications. And it plans to use the funding to create more and expand its partner network.

“They’re solving some of the world’s biggest challenges and causing industries to re-think what’s possible with blockchain technology – especially when it comes to navigating the complexities of today’s sustainability challenges and supply chain issues,” said Murtaza Akbar, founding partner at Liberty City Ventures.

BlockApps was originally incubated by ConsenSys and spun out early on. ConsenSys participated in BlockApps 2019 Series A funding. Other existing investors that took part in the latest round include Arab Angels, Bloccelerate, Fitz Gate Ventures, Kenetic Capital and PropelX.