- Topl – a blockchain ecosystem built to prove a company’s ethical and sustainable practices – announced the closing of $3 million in seed funding led by Mercury Fund
Topl – a blockchain ecosystem built to prove a company’s ethical and sustainable practices – announced the closing of $3 million in seed funding led by Mercury Fund. The additional investors in this round include GOOSE Capital, Chingona Ventures, Beni Venture Capital, Blue Collective, RevTech Ventures, and Social Impact Capital. And Topl has now raised $4.4 million in total venture capital funding since its founding in 2017.
With its funding, Topl will speed the launch of their Blockchain-as-a-Service solution in early 2021 – which grants access to the Topl blockchain in two clicks. And Topl’s technology simplifies certification processes, drastically cutting operational costs and increasing transparency throughout the supply chain.
Topl’s commitment to diversity, equity, and inclusion is reflected both in its team and its board of directors. And 40% of the team is female and the majority of the board are representatives of minority groups, including women, immigrants, and people of color. These actions are some of the first steps Topl is taking to create a more diverse and inclusive company.
Topl’s blockchain technology enables companies and communities to make verifiable claims about their social or environmental impact by recording data to an immutable ledger. And by unlocking new certification systems, Topl opens the door to enhanced transparency in ethical supply chains and the ability to trace funds earmarked to achieve development objectives.
By utilizing Topl’s infrastructure, a fashion company can transparently track and measure their ecological impact, from water usage for crops to pollution produced through the production line to transportation emissions. And farmers using sustainable practices such as crop rotations and reduced tillage can record proof of these efforts and mechanize that impact.
Earlier this month, Topl announced a strategic partnership with TrackX, a SaaS-based enterprise IOT asset management and supply chain solution provider. And the two companies are teaming up to provide a verifiable tracking and tracing solution to meet the growing demand for greater supply chain sustainability, transparency, and efficiency.
KEY QUOTES:
“We’re grateful to have closed an oversubscribed venture round during a pandemic, especially given the unfortunate truth that many women-led startups are getting much less investment during this time. Bringing transparency to causes dedicated to environmental and social good has never been more important. We are building a modern blockchain for a world where purpose and profit go hand in hand.”
— Kim Raath, Topl’s CEO
“A company’s social and environmental impact has become a necessary point of differentiation for brands, and Topl has the potential to be the leading player for brands who are serious about ESG.”
— Blair Garrou, managing director of Mercury Fund.
“Kim and the Topl team have created a custom-designed method to measure and verify your company’s sustainability efforts. We’re excited to be part of this intersection of cutting-edge technology and positive impact.”
— Samantha Lewis, formerly director of GOOSE Capital and Topl board of directors
“Topl’s track-and-trace solution appeals to so many core industries: from healthcare to agriculture to energy. Anyone who needs to ensure transparency, efficiency and sustainability would benefit from their technology.”
— Manolo Sánchez, former chairman and CEO of BBVA Compass and also a member of Topl’s board
