The company exclusively told Meczyki.Net that blockchain ecosystem Topal has raised $15 million in a Series A funding round to help companies track and monetize social impact initiatives.
The growth was co-led by Mercury, Republic Asia and Cryptology Asset Group. Company Raises $5 Million in 2020 Seed Round, says Chris Georgen, Founder at toplyShared with Meczyki.Net.
Its blockchain has been used by a number of entities seeking to track products ranging from conflict-free diamonds to ethically sourced coffee and fair-wage cocoa.
“There are new markets, there are markets that don’t have a lot of trust and there are markets that have extremely diverse actors,” Georgen said.
“So if I’m dealing with the coffee supply chain I have big small farmers and companies like Cargill. Or in the carbon credit space, there are projects big and small; companies and individuals are trying to shut down and they’re very diverse. And no one really knows what to do with each other,” Georgen said. “There are very incredible new markets and this is where we think blockchain is apt to come in. We think blockchain technology should be applied to new markets.”
Georgen said the new capital over the next 12 months will go toward three key aspects on Topal’s roadmap, in addition to hiring new talent.
The first is decentralizing its blockchain so that there is community governance. The next two elements will include the launch of new blockchain-powered products: a traceability-as-a-service application, which will launch next month, and a registry-as-a-service application for Carbon Credits, among other things, which will be launched. subsequent years.
Georgen said the company works with customers who range from sustainability-focused startups to launching carbon credits to move-to-earn applications where you can earn carbon credits by riding a bike instead of driving a car to work. Let’s use blockchain technology for everything. “We also have some Fortune 500 companies running internal ESG reporting systems on the Topal blockchain so that investors and the board can see how they achieve ESG milestones.”
“I think we are still in the early days of blockchain adoption,” Georgen said. “As the technology matures, the signal we are looking for with blockchain adoption is more muted and where things are driven by blockchain technology without being front and center.”
By the end of the year, Topal expects to have a series of around 40 to 50 projects.
“Through all these downturns, we still see adoption, build and enterprise projects continue to grow and sometimes grow during these periods,” Georgen said. “From an adoption standpoint, we didn’t see any downside to that… we don’t have bull markets and bear markets, we have bull markets and create markets.”