US startup Topl builds blockchain for Environmental, Social and Governance Global initiatives
Topl, the blockchain ecosystem built to prove a company’s ethical and sustainable practices, has announced the closing of $3 million in seed funding led by Mercury Fund.
Additional investors in the round include GOOSE Capital, Chingona Ventures, Beni Venture Capital, Blue Collective, RevTech Ventures and Social Impact Capital.
Topl has now raised $4.4 million in total venture capital funding since its founding in 2017.
Topl intends to leverage funds from the seed venture capital round to speed the launch of their Blockchain-as-a-Service solution in early 2021, which grants access to the Topl blockchain in two clicks. Topl’s technology simplifies certification processes, drastically cutting operational costs and increasing transparency throughout the supply chain.
Kim Raath, CEO, Topl: “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.”
Topl’s commitment to diversity, equity and inclusion is reflected both in its team and its board of directors. Forty percent of the team is female, and the majority of the board are representatives of minority groups, including women, immigrants, and people of color. Those actions are some of the first steps Topl is taking to create a more diverse and inclusive company.
According to data from management consulting company McKinsey, an increasing body of research shows a positive link between environmental, social and governance (ESG) performance and financial performance or value creation.
Topl’s blockchain technology allows companies and communities to make verifiable claims about their social or environmental impact by recording data to an immutable ledger. 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 leveraging 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. Similarly, farmers using sustainable practices such as crop rotations and reduced tillage can record proof of these efforts and mechanize that impact.
Earlier in December, Topl announced a strategic partnership with TrackX, a SaaS-based enterprise IOT asset management and supply chain solution provider. 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.
Blair Garrou, managing director, Mercury Fund: “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.”