Today blockchain startup Circulor announced a $25 million funding round led by Silicon Valley venture firm Westly Group and adding HG Ventures as a strategic investor. Westly led last year’s $14 million Series A funding for UK-based Circulor. Existing investors who participated in the round include Volvo, Jaguar Land Rover, BHP and Salesforce Ventures, amongst others.
Circulor uses blockchain for supply chain traceability. It started by tracking minerals, ensuring they were responsibly sourced. Tantalum and Cobalt that are used in batteries were early examples. That’s because the minerals either come from conflict regions or, in the case of Cobalt, the Congo has small artisan mines with dangerous working conditions and sometimes child labor.
This led to Circulor landing deals with automotive brands such as Volvo and Mercedes. And its work evolved to tracking battery emissions and then C02 emissions more generally for the likes of commodity firm Trafigura. It’s also involved in plastic recycling for TotalEnergies and measuring the carbon footprint of leather used by Jaguar Land Rover.
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