Topl Inc., a blockchain startup that recently moved from Houston to Austin, raised a $15 million Series A co-led by Houston-based Mercury as well as Republic Asia and Cryptology Asset Group.
The startup, founded by Christopher Georgen, James Aman and Kim Raath in 2017 in Houston, raised a $3 million seed round led by Mercury in 2020. It has now raised $20.4 million, which includes some pre-seed funding, according to Crunchbase.
Topl's blockchain programs help other businesses and organizations tokenize and track sustainability initiatives, such as monitoring water usage, tracking product chains to ensure conflict-free diamonds and sourcing fair-wage cocoa. The company said it plans to launch a traceability platform for ethically and sustainably sourced products later this year. The startup also noted it is launching a grant award program to back Web3 startups making inclusive and sustainable supply chain tech.
"Topl's blockchain was purpose built to power the next wave of supply chains and markets that are more sustainable and inclusive," Georgen stated. "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."
With the new funding, Republic Asia, a new division of Republic focusing on Asia-related fintech/Web3 solutions, will have a presence on Topl's board and assist with international expansion.
“Sustainability and climate considerations are no longer mere luxuries, but an absolute necessity for companies to contribute to global finance and commerce,” said Youngro Lee, an executive vice president with Republic and head of Republic Asia, who formerly was CEO of Houston-based NextSeed. “Topl will make it easier than ever for any organization around the world to harness the power of blockchain to track and monetize their positive environmental impact.”
Topl was one of the recipients of the Houston Business Journal's inaugural Innovation Awards in 2019.
