Topl, an Austin-based startup that has developed a blockchain protocol to track and monetize a company’s environmental sustainability and social impact initiatives, announced Tuesday that it raised $15 million in funding.
Topl has helped track and monetize conflict-free diamonds, ethically-sourced coffee and fair-wage cocoa. It has also been used to log the water usage of industrial processes and to verify that Covid-19 tests were stored at the correct temperature during transport.
The startup is also working with BCarbon, a Houston-based nonprofit that issues carbon credits to organizations that capture carbon dioxide through soil sequestration and forest sequestration.
Chris Georgen, Topl’s founder and managing director, said in a statement that the company’s blockchain protocol was designed to foster trust and transparency regarding sustainable and inclusive initiatives.
“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,” Georgen said. “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.”
The Series A funding round was co-led by Mercury, Republic Asia and Cryptology Asset Group.
The company also offers a Blockchain-as-a-Service product that allows companies to connect to the Topl Blockchain through a suite of hosted tools and services. Topl has also created software development kits for the most common web development frameworks.
