Yesterday blockchain firm Data Gumbo announced the first close in its Series B funding round of $4 million, bringing Data Gumbo’s total funding to $14.8 million. The Series B is led by a new investor, venture capital firm L37. Returning investors include Equinor Ventures and Saudi Aramco Energy Ventures, which led Data Gumbo’s Series A funding round.
Data Gumbo plans to use the capital to fund new projects, expand globally, and to mature GumboNet, its blockchain network. Data Gumbo CEO and Founder, Andrew Bruce, highlights the importance of capitalizing upon the increased demand for GumboNet. He believes “this funding will solidify Data Gumbo’s leadership position realizing transactional certainty through smart contracts.”
In discussing L37’s interest in Data Gumbo, Partner Kemal Farid says “Data Gumbo is the category leader for industrial smart contracts, which is an inevitable next step in the digital transformation of the oil and gas industry.”
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