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Circulor, London blockchain startup lands £10M funding for supply chain traceability and CO2 tracking

Circulor is a London-based leading provider of supply chain traceability and dynamic CO2 tracking. In a recent development, the blockchain company announced that it closed $14 million (nearly £10 million) in Series A funding to accelerate its rapid growth.

Expansion plans on tow

The investment round was led by The Westly Group along with participation from Salesforce Ventures, BHP Ventures and Sky Ocean Ventures, Future Positive Capital and 24Haymarket. Also, existing investors including the venture arms of Boeing, Volvo Cars, Jaguar Land Rover, InMotion Ventures, SYSTEMIQ, and TotalEnergies Ventures, Plug and Play as well as BHP Ventures also took part in the funding round.

Circulor will use the investment to drive ongoing innovation and extend its presence in North America and Asia. it also highlights Circulor’s success in enabling global businesses, including Volvo Cars, Polestar, BHP, and LG Energy Solutions, to track and manage their supply chains, support responsible sourcing, analyse supply chain emissions, and improve sustainability.

Douglas Johnson-Poensgen, CEO of Circulor, said: “We are on a mission to make the world’s most complex industrial supply chains more transparent, and help prevent the exploitation of people and our planet. Traceability-as-a-Service is fast becoming a requirement for the world’s leading brands and this funding will help us accelerate our impact and revenue growth.”

Veera Johnson, Co-Founder of Circulor, who will chair Circulor’s Advisory Board, said: “We are looking forward to working even more strategically with our investors and industry leaders to extend our capabilities and market presence in order to consolidate and enhance our position as the leader in sustainable supply chain traceability.”

Appoints new board member

Besides the investment, Steve Westly, Founder and Managing Partner of The Westly Group, will join Circulor’s board. Steve Westly said: “Circulor has established itself as a leader in helping manufacturers source responsibly and measure carbon emissions. It has the most commercial traction and mature and complete solution in the space. We’re thrilled to partner with the team.”

Brings about sustainability!

Founded in 2017 by Doug Johnson-Poensgen and Veera Johnson, Circulor traces commodities from extraction to the finished product, supporting manufacturers with their sustainability goals. Circulor’s enterprise SaaS platform facilitates responsible sourcing, helps demonstrate sustainable production, and underpins effective recycling and reverse logistics. It builds supply chain networks and utilise data insights across these networks to better identify issues within them.

Circulor’s technology assigns a digital identity to commodities and tracks the supply chain data and embedded carbon at each stage of production, recycling and end-of-life. This provides full visibility across traditionally opaque and complex supply chains, helping companies address ESG objectives. Its solution has been sold to the electric vehicle industry, where it is currently the only proven technology available to automotive manufacturers and suppliers to track materials such as cobalt, mica and lithium. The company is tracing other commodities, including nickel, copper, plastics, and leather, and is deployed in circular economy solutions such as the remanufacturing of automotive parts.

​This unprecedented level of traceability means that customers can promote sustainable and ethical practices in their supply chains and provide better transparency for consumers. It will also let them and their supply chains meet upcoming EU Battery Passport regulations, which will require transparency of recycling efficiencies and recovery of EV battery materials and carbon intensity and the meeting of extended producer responsibility.

Circulor is also helping customers to reduce emissions across their entire value chains and to fulfil their emmissions reduction and climate-neutral commitments. Some of Circulor’s notable customers include Volvo Cars, Polestar, Vulcan Energy Resources and BHP.

The post Circulor, London blockchain startup lands £10M funding for supply chain traceability and CO2 tracking appeared first on UKTN (UK Tech News).