AUSTIN, Texas--(BUSINESS WIRE)--Topl, creators of the world’s only blockchain built to drive impact initiatives and sustainable transformation for companies across the world, today announced that it has raised $15 million in Series A funding co-led by Mercury, Republic Asia, and Cryptology Asset Group.
Corporations are undergoing a massive transformation as they adapt their operations towards a sustainably inclusive, decarbonized, energy-efficient future. The Topl Blockchain facilitates this digital and sustainable transformation across value chains by providing organizations with an affordable, user-friendly, and tangible way to track, tokenize and transact their impact and sustainable initiatives.
Following the company’s successful seed round in 2020, Topl has continued to focus on real-world use-cases with a laser focus on its quickly growing userbase. Topl has helped to track and monetize a variety of products across the globe, including conflict free diamonds, ethically sourced coffee, and fair-wage cocoa. Its blockchain has also helped measure and verify water usage in industrial processes and confirmed the cold chain for COVID-19 test kits.
Beyond its core blockchain protocol, the company’s offerings include a Blockchain-as-a-Service (BaaS) solution and software development kits (SDKs), equipping users and technology partners with simplified tools to drastically cut certification costs and produce unprecedented trust and transparency around impact and sustainability initiatives. Topl continues to develop tools to make it easier for developers and companies to integrate their solutions into the blockchain, and ultimately accelerate adoption of crypto and blockchain technology. The company plans to launch a traceability platform for ethically and sustainably sourced products later this year.
“Topl’s blockchain was purpose built to power the next wave of supply chains and markets, that are more sustainable and inclusive,” said Chris Georgen, Founder and Managing Director of Topl. “Every decision we’ve made has been relentlessly focused on this problem and it’s exciting to see this approach yielding results with more than 30 different impact-forward use cases already live or approaching launch. Through this latest fundraise and with the strong network we’ve built, we’re looking to accelerate the growth of our ecosystem and setting a goal of at least 100 applications launched by next year.”
“Despite broader market dynamics across the Web3 sector, Topl’s strategic and early focus on users allowed the team to build an incredibly strong foundation that can weather cycles by providing an increasingly in-demand service to companies implementing various sustainable initiatives,” said Samantha Lewis, Principal at Mercury. “We are excited to support Topl in this pivotal growth period.”
Republic Asia, a division of Republic focusing on Asia-related FinTech/web3 solutions, will be joining the Topl board and assist with international expansion. “Sustainability and climate considerations are no longer mere luxuries, but an absolute necessity for companies to contribute to global finance and commerce,” said Youngro Lee, Republic EVP and Head of Republic Asia. “Topl will make it easier than ever for any organization around the world to harness the power of blockchain to track and monetize their positive environmental impact.”
"It's been an honor to see Topl progress from when it first entered Iconic Lab's accelerator program back in 2018 to where it is today," said Patrick Lowry, CEO of Cryptology. "Cryptology is hyper-focused on driving crypto adoption in an impact-focused, sustainable manner. We are proud to add Topl to our portfolio of companies and excitedly await Topl's network decentralization."
Beyond its work in providing ethical product and commodity traceability with companies such as Caravela Coffee, Topl is active in carbon markets and regenerative finance. BCarbon, a non-profit carbon credit registry formed from a stakeholder group at the Baker Institute at Rice University, is engaged in issuing carbon credits via the Topl Blockchain associated with soil sequestration, forest sequestration and coastal blue carbon protection and storage. "With the launch of our own innovative protocol for carbon certification, we're excited to have partnered with Topl, leveraging their blockchain technology to bring an unsurpassed level of transparency and marketability to our credits,” added Jim Blackburn, CEO and Chairman of BCarbon.
The fundraise follows Topl’s recent announcement of its inaugural grant program to fund Web3 startups and developers building inclusive and sustainable transformation across supply chains and markets. Topl will be making its first 20 grant awards in the lead up to its private token sale early next year. In addition to funding, grant recipients will receive development, go-to-market, and fundraising support from Topl and its network of investors, partnerships, and academics.
Topl, Inc., is an Austin-based venture-backed technology company developing a purpose-built blockchain ecosystem to empower businesses and individuals to unlock the value of their positive impact. Founded in 2017, Topl provides the tools for sustainable and ethical transformation in a cost-effective and user-friendly manner. The company offers a Blockchain-as-a-Service (BaaS) solution, allowing its users and technology partners “two clicks” to gain off-the-shelf access to the Topl Blockchain. Topl employs a diverse team and centers ESG as one of their core values, utilizing the UN’s 17 Sustainable Development Goals (SDGs) as a guidepost. www.topl.co