Blockchain Developer BlockApps Raises $41M

Blockchain app and platform developer BlockApps raised $41 million in a new funding round, the company announced in a news release.

The funding, according to the company, came from Liberty City Ventures, Morgan Creek Digital, Eidetic Ventures and Givic. Also participating, according to BlockApps, were existing investors: ConsenSys, Bloccelerate, Fitz Gate Ventures, Arab Angels, Kenetic Capital and PropelX.

As part of the arrangement, according to BlockApps, Liberty City Ventures and Morgan Creek Digital will get seats on BlockApps’ board of directors.

BlockApps stated in the announcement that it will use the funds “to accelerate [its] go-to-market strategy, grow its development team and drive innovation through its permissioned blockchain ecosystem of businesses from Fortune 500 companies to startups.”

The company also said it will expand its partner program.

Murtaza Akbar, founding partner at Liberty City Ventures, said in a prepared statement: “BlockApps’ founding and leadership team is a who’s who of Ethereum pioneers that are delivering true business value to customers. What’s more, they’re solving some of the world’s biggest challenges and causing industries to rethink what’s possible with blockchain technology — especially when it comes to navigating the complexities of today’s sustainability challenges and supply chain issues.”

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BlockApps states in marketing materials that its business partners include Amazon and Bayer Crop Science. The company also states that through the Blockchain for Energy consortium, it works with Repsol, Chevron, ExxonMobil, Schlumberger and other companies focused addressing energy challenges.

Xavier Segura, general partner at Morgan Creek Digital, said in a prepared statement: “BlockApps is one of the most exciting players in enterprise blockchain. Crypto and NFT companies have seen some early successes in the industry, but there’s an even bigger opportunity for BlockApps.”

BlockApps launches include TraceHarvest, to track agricultural processes beginning with deeds; TraceCarbon, for carbon-data management; and the Seismic Entitlement Platform for work in the seismic entitlement process.