Finboot, a software innovation group creating enterprise-level products, announced that it has secured an investment from Spanish energy giant Repsol as part of its latest fundraise, in addition to securing a commercial contract with the oil firm.
Repsol has acquired an 8 per cent 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.
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.
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."