Hashstacs (Stacs), a Singapore-based startup leveraging distributed ledger technology (DLT) to assist financial institutions with their Environmental, Social, and Governance (ESG) initiatives, has successfully secured $3.6 million in pre-Series A funding.
The funding round saw participation from Wavemaker Partners, the government-supported Tribe Accelerator, and Stellar Partners, laying the groundwork for a Series A round anticipated later this year.
Stacs’ innovative DLT platforms facilitate the comprehensive management of securities and address various ESG financing aspects, including green and sustainability-linked bonds and loans. Since its establishment in 2019, the company has launched its real-time trade processing platform in collaboration with Eastspring Investments and BNP Paribas Securities Services, and has also formed partnerships with Deutsche Bank and Bursa Malaysia.
The capital raised will be directed toward attracting more financial services firms to its ESG-focused technology. Gavin Lee, General Partner at Wavemaker Partners, commented, “Stacs has developed a secure, deployable layer of enterprise DLT that integrates seamlessly with existing infrastructure. While enterprise sales can be challenging for emerging companies, Benjamin, as a seasoned serial entrepreneur, has effectively attracted several leading financial institutions as key clients.”