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Philip Lee Blockchain Group advises Finboot on Investment from Global Energy Giant, Repsol


Tuesday, July 2, 2019

Highlights:

  • Repsol to be cornerstone investor in UK/Spain based Finboot’s latest fundraising round
  • 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
  • Finboot will supply Repsol with its blockchain technology solution BlockLabs
  • Finboot’s proprietary software (“MARCO”) uses blockchain to certificate products and increase supply chain efficiencies

The Philip Lee cryptocurrency and blockchain group, led by Partner Andrew Tzialli, has continued its ongoing growth in advising exciting new companies in the blockchain sector. Its role as leading legal advisor to Finboot, on its investment from global energy giant Repsol, is an example of the high level of work the group is undertaking.  

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.

Since Andrew Tzialli joined the firm as a partner in early 2018, Philip Lee (having also recently been named Ireland Law Firm of the Year) has continued to see rapid growth in the number of companies that it is working with in the blockchain sector. Finboot is the latest such company, with blockchain focused investment funds, exchanges, custodian and “anti-money laundering” service providers, product verification and other supply chain service providers, already existing clients.

Finboot facilitates and simplifies the adoption of blockchain technologies into daily business operations, focusing on industrial supply chains. It is one of the first tech startups to deliver value in the enterprise blockchain arena and overall distributed ledger ecosystem, with the capability to verify products’ sustainability credentials. Finboot predominantly focuses on the Oil & Gas, Chemicals, Consumer Goods/Retail and Automotive sectors, with plans to extend its industry reach.

Finboot 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.

Blockchain technology has the potential to accelerate the complex mix of processes that comprise industrial supply chains, enabling secure data sharing and improving auditability. This, in turn, could result in dramatic time and costs savings, and potentially even drive revenue growth. Relatively few enterprises have unlocked the full potential of digital technologies, yet companies that digitise their supply chains can expect to boost annual earnings growth by 3.2% – the largest increase from digitising any business area[1].

Andrew Tzialli, Partner and head of the Cryptocurrency and Blockchain Group at Philip Lee said: “Blockchain has long been regarded as having the ability to revolutionize efficiencies that can be achieved through complex global supply chains, with reducing cash cycle time, reducing overheads and increasing visibility, all being possible. Finboot’s enterprise solution achieves all three limbs, and so much more. It’s also great to add Finboot to the growing list of companies we are working with across the globe, that are successfully harnessing the potential uses of blockchain to its fullest.” 

Nish Kotecha, Chairman and Co-Founder of Finboot, said: “We are delighted to have received this double endorsement from Repsol, a global leader in the energy industry. The investment cornerstones our latest fundraising round, while the contract is testament to the capabilities of our technology and its ability to support and enhance efficiencies across enterprises. This partnership represents a significant milestone for Finboot and augurs well for our future growth ambitions.” 

[1] Source: The case for digital reinvention, McKinsey (February, 2017).


Author

Andrew Tzialli

PARTNER


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