Topl, a blockchain company focused on social initiatives, has raised $15 million.

Topl, a provider of blockchain solutions for tracking and monetising social-impact initiatives, has raised $15 million in a Series A round.

🚨We just closed $15M in a #SeriesA funding round co-led by @mercuryfund @joinrepublic @CryptologyAG
to help companies track and monetize #socialimpact initiatives.
👇👇👇https://t.co/DvJunFlHPu#blockchain #blockchainnews #blockchaintechnology #carboncredits #decentralization

— Topl (@topl_protocol) July 26, 2022

It was co-led by Mercury, Republic Asia and Cryptology Asset Group. The company’s founder, Chris Jorgensen, said that in a 2020 seed round they raised $5 million.

The project helps companies seeking to track products that meet the principles of sustainable development and account for social impact.

The range of products could include anything from бесконфликтных алмазов to coffee grown under ethical standards, or cocoa sourced from farmers at fair prices.

According to Jorgensen, blockchain technology is well suited for such purposes on new markets with low trust among participants or with a large gap between them.

“Therefore, if I’m dealing with a coffee-supply chain, I have small individual farmers and large companies like Cargill. Or in the carbon-credits space — there are large and small projects. They are diverse, and no one knows how to interact with each other for government offsets,” he said.

The company will use the funds to hire new staff and advance three key elements of its roadmap.

First, the firm aims to increase decentralisation of the project by handing governance of the blockchain to the community. The next two elements consist of the launch of “tracking-as-a-service” applications, to be rolled out next month, and “registration-as-a-service” for carbon credits.

According to Jorgensen, the company works with a wide range of clients, from startups to Fortune 500 companies. He expects that by the end of 2022 there will be 40-50 projects operating on Topl’s network.

“I think we’re still in the early stages of blockchain adoption,” he says.

Earlier, the Dubai-based firm 5ire raised $100 million for sustainable blockchain development following a Series A round.

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