London: Finboot, a UK based-software development group that provides Blockchain solutions to enterprises in an easy-to-use fashion, has closed a major private investment led by Tom Singh, founder of UK fashion retailer New Look, with H-FARM and leading Angel investors.
The capital raised will allow Finboot, which is part of the UK International Trade Department’s Global Entrepreneur Programme, to expand its product development plans and its team currently based in Barcelona, Spain and London.
Finboot’s products will enable a business user to access and engage with Blockchain solutions through its unique platform, known as ‘Marco’.
Marco, which means ‘frame’ in Spanish, will allow users to interact with decentralised applications (D’Apps), efficiently and clearly bringing these solutions to the desk of every employee.
Finboot has emerged as an important idea and now product just 12 months after being selected by the 6th Edition of the Entrepreneurs Fund of Fundación Repsol from a field of more than 350 proposals. Working with strategic partners such as the energy giant Repsol, Finboot’s target was to deliver a D’App powered by Marco for improving petroleum supply chains.
In November 2017 Deutsche Bank and H-FARM, a top Italian innovation platform, selected Finboot from among 300 blockchain ventures to participate in the Blockchain Business Solutions Accelerator.
A critical new application delivered by Marco will enable compliance with the EU wide data protection regulation (GDPR), which came into force in May this year. Users will be able to manage their own data access to enterprises using the Blockchain infrastructure, ensuring each individual has the ability to store, update or simply deny companies to either keep or use their data at any time. Further, Marco will be used to manage Finboot’s own shareholder documentation…leading by example!
Tom Singh OBE says: “Finboot provides a straightforward and accessible blockchain platform for every enterprise, no matter how big or small. Enabling access to distributed ledger architecture for anyone will drive blockchain interaction at every level. Specifically the benefits to supply chain’s can be immediate by lowering cost through greater efficiency.”
Juan M. Perez, Finboot Co-founder and CEO, comments: “We are delighted to welcome Tom Singh and look forward to benefitting from his experience as we move to bring our products to market and scale.”
Nish Kotecha, Finboot Co-founder and Chairman, adds: “Finboot products are focused on making distributed ledger technology accessible for everyone. We are excited about the opportunity to apply Finboot’s products to help bridge the chasm between the technology user and the business user.”
Timothy O’Connell, H-FARM Head of Open Innovation, says: “We have enjoyed working with the Finboot team over the past 8 months. The Finboot platform has made important strides over this period and will bring important value to the Blockchain business solution market in the coming months.”
Alpesh Patel, DIT Dealmaker adds: “This is an outstanding Blockchain company which caught our attention when we first met them in Spain and are delighted they have moved their Global HQ to the UK, showing how the UK is a world beating centre for Blockchain companies. We believe the exceptional founders will make this a global giant.”
Finboot is a dynamic and diverse company that develops and delivers innovative, enterprise level software based on blockchain infrastructure. Established in 2016, Finboot is the umbrella brand for MARCO with operations in London and Barcelona.
Blockchain is a digital ledger that records everything in a secure and transparent manner and was originally created to allow the transfer of currency through a decentralized environment eliminating the need for trusted third parties. The opportunity, however, to expand Blockchain technology beyond cryptocurrencies and financial transactions is immense, and MARCO will lead from the front.
Blockchain will change how businesses operate for years to come with exponential benefits to those businesses who adopt it. From its ability to minimize complexities, to providing exceptional privacy and security to users, MARCO reduces cost and accelerates interactions to help businesses grow faster and more efficiently. Within corporate structures, there are many examples of how Blockchain can be applied to dramatically improve financial operations. These are key areas MARCO is focussing on and include supply chain, healthcare, logistics, data protection and management, peer-to-peer trading, etc.
With the Blockchain market projected to be worth over $176 billion by 2025 and exceed US$3.1 trillion by 2030, MARCO aim to drive the growth of the global market and offer enterprises and companies of all sizes the opportunity to provide high-end solutions with minimal infrastructure and cost. Finboot is already the leading Blockchain company in Spain and intends to be the biggest in the UK as well as targeting the emerging Latin-American markets.
Tom Singh OBE is the Founder of New Look, a leading UK entrepreneur and active private investor with family interests spanning: retail, technology, real estate, renewable energy sectors and private equity. He currently holds the position of Non-Executive Board Member for New Look with over 900 stores worldwide which he founded in 1969.
In addition to his responsibilities at New Look, Tom is a founding member of: the Social Investment Task Force and is a Trustee of the Pakhar Foundation. Tom is an active philanthropist and social investor and in recent years, has taken an increasing interest in the world of technology.
It is the innovation platform that supports the creation of new business models and the digital transformation and education of young people and Italian companies. Founded in January 2005, H-FARM was the first in the world to adopt a model that brought together education, investments, and business consultancy in one place. Since its founding until today, H-FARM has invested €26,2M to support the development of 116 innovative companies, has helped 200 of the most important international brands take advantage of the opportunities made possible by digital transformation and educates more than 1,000 students through an international and digital didactic path. Structured like a campus, it is destined to become the most important innovation hub in Europe and is currently undergoing an expansion that will grow its facilities from 14,000 mq of buildings with a 20-hectare park to 42,000 mq of buildings distributed over 51 hectares of land close to Venice.
H-FARM employs more than 550 people in 5 different locations in Italy and is considered a singularity at an international level. Since November 13, 2015, H-FARM has been listed on the AIM segment of the Italian stock exchange and is available for public trading.
The Programme seeks to establish the Global HQ of outstanding IP rich companies and their entrepreneurial founders in the UK. It does this through its Dealmakers who are experienced business people who assist the company make deals to grow and go global.