Tuesday, July 2, 2019
Advising Finboot on investment from global energy giant Repsol.
Finboot is a dynamic company that develops and delivers innovative, enterprise grade SaaS products based on blockchain infrastructure. The company secured an investment from global energy giant Repsol as part of its fundraise efforts. The legal advice to Finboot was led from the London office of Philip Lee, by Andrew Tzialli, Partner and head of the Cryptocurrency and Blockchain Group
As part of the transaction, Repsol acquired a c.8% stake in the company through its strategic investment fund. The funds will be used to support the enhancement and extension of Finboot’s product offering in line with the company’s growth strategy.
Finboot also secured a commercial contract with Repsol. It will supply Repsol with its blockchain technology solution BlockLabs, which was developed by Finboot as a pilot during Fundación Repsol’s startup acceleration program in collaboration with Repsol Technology Lab.
The solution uses blockchain technology to improve the certification process of petrochemical products, thereby driving supply chain efficiencies. It is powered by Finboot’s flagship product MARCO, a blockchain agnostic SaaS which effectively combines business workflows with blockchain core functions. Repsol estimates that the solution will save approximately €400,000 per annum, even with a limited rollout.