Finboot, a blockchain success12.07.2019
Finboot, one of the startups that received support from Fundación Repsol through the Entrepreneurs Fund once its acceleration was complete, received an investment from the energy company, which acquired an 8% stake. These funds will be used to reinforce the improvement and extension of the Finboot products on offer, in line with the company's growth strategy.
Finboot, which has headquarters in Barcelona and London, is specialised in adapting blockchain solutions for its clients, especially in the oil and gas, retail, and automotive sectors, with plans to increase its scope to industry.
During the Entrepreneurs Fund acceleration program, Finboot developed Blockchain BlockLabs, a pilot project that was undertaken with collaboration from Repsol Technology Lab and which has allowed the startup to become an energy supplier. This solution uses blockchain technology to improve the certification process of petrochemical products, increasing efficiency in the supply chain. With this technology, Repsol estimates that it will save approximately 400 000 euros per year.
Blockchain technology has the potential to accelerate the complex combination of processes that comprise industrial supply chains, enabling secure data exchange and improving auditing capacity. This, in turn, results in substantial savings in time and costs, and could even boost revenue growth.
Juan Miguel Pérez, CEO and co-founder of Finboot, stated: 'We are delighted to have received this double backing from Repsol, a world leader in the energy industry. This investment is the cornerstone of our latest financing round. The contract is a testament to the capabilities of our technology and its potential to improve efficiency in all companies. This partnership represents an important milestone for Finboot and is a good start for our expansion plans'.
Finboot was selected in the ideas category in the 6th call for proposals of the Fundación Repsol Entrepreneurs Fund.. After a year of work, the following year it continued its acceleration as a project, receiving not only economic support of 144 000 euros, but advice from the Entrepreneurs Fund's team of mentors as well as specialised training, which has helped them to advance in this process.