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Finboot, a leading software innovation group creating enterprise-level products, announces that it has secured an investment from global energy giant Repsol as part of its latest fundraise, in addition to securing a commercial contract with the company. Repsol has acquired a c.8% stake in the company through its strategic investment fund. The funds will be used to support the enhancement and extension of Finboot’s product offering in line with the company’s growth strategy.
Finboot facilitates and simplifies the adoption of blockchain technologies into daily business operations, focusing on industrial supply chains. It is one of the first tech startups to deliver value in the enterprise blockchain arena and overall distributed ledger ecosystem, with the capability to verify products’ sustainability credentials. Finboot predominantly focuses on the Oil & Gas, Chemicals, Consumer Goods/Retail and Automotive sectors, with plans to extend its industry reach.
Finboot will supply Repsol with its blockchain technology solution BlockLabs, which was developed by Finboot as a pilot during Fundación Repsol’s startup acceleration programme in collaboration with Repsol Technology Lab.
The solution uses blockchain technology to improve the certification process of petrochemical products, thereby driving supply chain efficiencies. It is powered by Finboot’s flagship product MARCO, a blockchain agnostic SaaS which effectively combines business workflows with blockchain core functions. MARCO accelerates ROI for enterprises due to the combination of governance, standards, interoperability and technology, with proof of concept being delivered in just weeks. Repsol estimates that the solution will save approximately €400,000 per annum, even with a limited rollout.
Blockchain technology has the potential to accelerate the complex mix of processes that comprise industrial supply chains, enabling secure data sharing and improving auditability. This, in turn, could result in dramatic time and costs savings, and potentially even drive revenue growth. Relatively few enterprises have unlocked the full potential of digital technologies, yet companies that digitise their supply chains can expect to boost annual earnings growth by 3.2% - the largest increase from digitising any business area .
Nish Kotecha, Chairman and Co-Founder of Finboot, said: “We are delighted to have received this double endorsement from Repsol, a global leader in the energy industry. The investment cornerstones our latest fundraising round, while the contract is testament to the capabilities of our technology and its ability to support and enhance efficiencies across enterprises. This partnership represents a significant milestone for Finboot and augurs well for our future growth ambitions.”
Derek Goodwin, Head of Entrepreneurship and Tech FDI at the Department for International Trade, added: “It is a feather in Finboot’s cap that it has attracted this investment from a company of Repsol’s calibre. Our Global Entrepreneur Programme is committed to supporting the development and growth of innovative companies, of which Finboot is a prime example, and we are proud to have worked with this exciting business since its nascent stages. We very much look forward to seeing what the future holds.”
[1] Source: Thecase for digital reinvention, McKinsey (February, 2017).
About Repsol:
Repsol is a global energy company present throughout the whole energy value chain. The company employs more than 25,000 people and its products are sold in more than 90 countries, reaching 10 million customers. Repsol produces over 700,000 barrels of oil equivalent per day and has one of the most efficient refining systems in Europe. The company operates low-emissions electricity generation assets, including photovoltaic and offshore wind power projects. Repsol is pioneering development of mobility initiatives to create new solutions and energy sources for transportation.
About Repsol's Corporate Venturing investment fund:
Repsol's Corporate Venturing investment fund is endowed with 85 million euros for the 2016-2020 period. It aims to capture technological innovation, already close to its commercial deployment, that can be tested quickly to assess its potential. The fund’s strategy is based on open innovation to complement the company’s internalR&D capabilities and accelerate the incorporation of technology and innovative models to the business units. It has participations in more than 10 companies and has analyzed more than 1,000 investment opportunities since its creation. The six technological areas that the fund focuses on are: operational reliability, circular economy, advanced mobility, energy diversification, new materials and digital technology applied to exploration and production (E&P).
About Fundación Repsol:
Fundación Repsol is one of the means by which Repsol fulfils its commitment to social responsibility, acting as a channel for the group’s social and cultural work. Its objective is to contribute to social wellbeing, improve people’s quality of life, and achieve greater social, educational, environmental and cultural development, especially in the regions where the company operates.
About FundaciónRepsol Entrepreneurs Fund:
Fundación Repsol Entrepreneurs Fund is a startup acceleration program that supports innovative technological projects in the field of the energy industry, mobility and circular economy. The initiative is part of the commitment on the part of Repsol and its Foundation for the development of a more sustainable energy future. The selected projects receive financial support, specialized training and advice from a team of mentors. In addition, the entrepreneur teams will have access to Repsol’s multitude of experts in the difference facets of business, as well as the develop pilot test projects at the company’s facilities. This support is executed in a disinterested way, without participation in the company’s equity nor rights to intellectual property. Since its launch in 2011, 48 startups have accelerated through its doors.
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