money moves

Houston blockchain startup closes $3 million seed led by local VC

Mercury Fund led Topl's $3 million seed round. Photo via Getty Images

A Houston-based blockchain company that focuses on providing companies with ethical and sustainable practices within the supply chain has closed a $3 million round with support from investors both locally and across the country.

Today, Topl announced the closing of its seed round, which was led by Houston-based Mercury Fund with support from Houston-based GOOSE Capital, Chicago-based Chingona Ventures, Dallas-based RevTech Ventures, and New York-based firms Beni Venture Capital, Blue Collective, and Social Impact Capital.

"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," says Kim Raath, CEO of Topl, in a press release. "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."

According to the release, Topl will use the fresh funds to speed up the launch of the company's blockchain-as-a-service solution for early next year.

Earlier this month, Topl announced a partnership with Denver-based TrackX, a software-as-a-service asset management and supply chain solution provider, aimed at combining technology to create a verifiable tracking and tracing solution to equip company supply chains with sustainability, transparency, and efficiency. Ultimately, it's Topl's goal to allow its users the ability to stand out to customers as sustainable and responsible brands — something that's become increasingly more important to consumers.

"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 [Environmental, Social, and Corporate Governance]," says Blair Garrou, managing director of Mercury Fund.

To date, Topl has raised $4.4 million in funding. It's first seed round closed September 2019. For that round, Samantha Lewis, formerly director of GOOSE Capital, was instrumental, according to the release.

"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," Lewis, who's now on the board of the startup, says in the release.

Topl's technology has the ability to affect any industry, and the company has worked with tracing products from diamonds and chocolate to natural resources and even COVID-19 testing.

"Topl's track-and-trace solution appeals to so many core industries: from healthcare to agriculture to energy," says Manolo Sánchez, former chairman and CEO of BBVA Compass and also a member of Topl's board, in the release. "Anyone who needs to ensure transparency, efficiency and sustainability would benefit from their technology."

Trending News

Building Houston

 
 

Greentown Labs has announced a new accelerator that's dual located in its Houston and Boston-area locations. Photo via GreentownLabs.com

A climatetech incubator with locations in Houston and Somerville, Massachusetts, has announced an accelerator program with a corporate partner.

Greentown Labs andSaint-Gobain, a multinational manufacturer and distributor of high-performance materials, have opened applications forGreentown Go Build 2023. The program intends to support and accelerate startup-corporate partnerships to advance climatetech, specifically focused on circularity and decarbonizing the built environment per a news release from Greentown.

It's the third Greentown Go Build program the incubator has hosted. Applications, which are open online, are due by August 31.

“The Greentown Go Build program is an opportunity for innovative startups to share how they are disrupting the construction market with innovative and sustainable solutions that address the need for circularity and sustainability and that align with our mission of making the world a better home,” says Minas Apelian, vice president of external and internal venturing at Saint-Gobain. “Through this program, we are eager to identify companies dedicated to reducing our reliance on raw materials and associated supply chain risk to ensure circular solutions result in profitable, sustainable growth for business and sustainable construction solutions for our industries.”

For the six months of the program, the startups selected for the program will have access to mentorship, networking opportunities, and workshops. Program benefits for the participating startups, according to Greentown, include:

  • Access to a structured platform to engage leadership from Saint-Gobain and explore potential partnerships
  • A $25,000 stipend per startup
  • Access to Greentown's community of mentors, partners, and community of climatetech startup experts
  • Access to Saint-Gobain network
  • Desk space and membership within Greentown for the duration of the program

“We are thrilled to be building on our successful track record of Greentown Go programs with Saint-Gobain and look forward to driving decarbonization of the sector through startup-corporate partnerships,” says Kevin T. Taylor, CFO and interim CEO at Greentown Labs. “Saint-Gobain has been an exemplary partner for our Greentown Go programs and for Greentown more broadly—working collaboratively with our startups and deploying many of their technologies. We are eager to meet the world-class building tech startups that apply for the program.”

Trending News