Blockchain ecosystem Topl told the media that it has raised $15 million in Series A funding, which could play A role in helping companies track and monetize social impact, among other initiatives.
The company raised $5 million in a seed round in 2020. The financing was co-led by Mercury, Republic Asia and Cryptology Asset Group.
Its blockchain has been used by a range of entities looking to track products, from "conflict-free diamonds" to specific use cases like "fairly and ethically paying the people who mine coffee and cocoa."
"There are new markets, there are less trusted markets, and there are markets with very diverse actors," Georgen said of the markets it covers.
"For example, when dealing with the coffee supply chain, there are individual small farmers who are fighting against a large company like Cargill that can use the Topl blockchain," Georgen noted. Or like in the area of carbon credits, there are big and small projects that are trying to change the diverse collaboration model of companies and individuals that they didn't know how to do before using the Topl blockchain. All the new very untrustworthy markets are where we think blockchain should go. We believe blockchain technology should be applied to new markets."
Georgen said that over the next 12 months, in addition to hiring new talent, the new capital will be used in three main areas on Topl's roadmap.
The first aspect is the governance of its blockchain community. The next two elements will include the launch of new blockchain-powered products: traceability as a service applications, to be launched next month, and carbon credit registration as a service applications, to be launched next year, among other services and products.
"Our company works with clients that leverage blockchain technology, including sustainability-focused startups, and then we launch carbon credits, as well as a 'mobile income' app, where users can earn carbon credits by cycling to work instead of driving," Georgen said. There are also a number of Fortune 500 companies that are moving their internal ESG reporting systems onto the Topl blockchain so investors and boards can see how they are achieving ESG milestones."
"I think we're still in the early stages of blockchain adoption," Georgen said. As the technology matures, we are looking for signs of blockchain adoption that should be powered by blockchain technology when a market is more silent. Because it doesn't have to be front-of-house and centralized."
Topl expects to have about 40 to 50 projects online by the end of this year.
"Through the decline in established markets, we are still seeing continued demand for blockchain adoption, construction, and enterprise projects," Georgen said. This period is when users increase. From an adoption perspective, we don't see that decline...... We don't have a bull market and a bear market, we have a bull market and a building market."