Blockchain startup Finboot will be opening offices in Cardiff, Wales. The expansion follows a £2.4 million ($3.33 million) investment from the Development Bank of Wales, Spanish energy company Repsol, and clothing chain New Look founder Tom Singh.
Finboot is the company behind MARCO, a blockchain as a service solution that acts as middleware for blockchains. The blockchain agnostic solution supports applications running on Ethereum, Ethereum Quorum, Hyperledger Fabric, and Cordano. It also developed BlockLabs, a developer platform for blockchain solutions powered by MARCO.
A lot of Finboot’s impressive growth can be attributed to its relationship with Repsol. The company was chosen in 2017 to take part in the energy supplier’s startup acceleration program and by the beginning of 2019, Repsol was announcing the implementation of BlockLabs in its certification process of petrochemical products. Since then, Repsol has completed two rounds of investment in Finboot and implemented BlockLabs in most of its energy complexes.
The interest in Wales was sparked by the increase in involvement and investment in blockchain in the region. Wales recently formed a blockchain network called Blockchain Connected which Finboot will be a part of.
“Finboot is an exciting and dynamic business that is at the forefront of blockchain software technology,” said Development Bank of Wales Investment Executive David Blake. “It’s exactly the type of high-value company that we want to attract to Wales with our tech venture investments; supporting innovative technology businesses as they develop and create highly skilled jobs.”
Finboot’s initial partnerships revolved around the oil, gas, and chemical industries, but the company has recently expanded its reach in the legal and retail sector. Spanish fashion brand Desigual uses MARCO for track and trace solutions in the supply chain, and the London Chamber of Arbitration and Mediation uses the software for dispute resolutions between businesses to increase mediation and limit lawsuits during the pandemic.