OpenSC, an Australian blockchain startup into sustainable and ethical supply chain tracking, has raised $4 million in a seed funding round.
Co-founded by BCG Digital Ventures and World Wide Fund for Nature Australia (WWF-Australia), OpenSC announced Monday that the funds have been raised from “strategic impact investors,” including Working Capital (supported by Humanity United) and Swiss venture capitalist Christian Wenger.
The new capital will be utilized for further developing OpenSC’s blockchain-based platform for tracking food and products such as seafood, timber and palm oil, known to have “significant” environmental or human rights risks within their supply chains.
OpenSC recently also collaborated with Austral Fisheries and Nestlé, to help both the companies track products. For instance, Nestlé will use the OpenSC platform to trace milk products from farms in New Zealand to consumers in the Middle East, and, later, to track palm oil sourced in the Americas, per the announcement.
"We’re on a mission to help producers, retailers, and consumers choose products that are good for the planet and good for workers,” said Markus Mutz, incoming CEO of OpenSC and a director with BCG Digital Ventures.