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Stacs raises $3.6m for DLT-based ESG tech

Stacs raises $3.6m for DLT-based ESG tech

Hashstacs (Stacs), a Singaporean startup using DLT to help financial institutions meet their Environmental, Social, and Governance (ESG) needs, has raised US$3.6 million in pre-Series A funding.

Wavemaker Partners, the government-backed Tribe Accelerator, and Stellar Partners participated in the funding, which comes ahead of a planned Series A later this year.

Stacs' live DLT platforms support the lifecycle management of securities, and ESG financing dimensions encompassing green and sustainability-linked bonds and loans.

Since its founding in 2019, the firm has seen its real-time trade processing platform live with Eastspring Investments and BNP Paribas Securities Services. It has also inked deals with Deutsche Bank and Bursa Malaysia.

The new money will be used to sign up more FS firms to the ESG-enabling technology.

Gavin Lee, general partner, Wavemaker Partners, says: "As an enterprise distributed ledger technology provider, Stacs has productized a secure layer that can be deployed instantly above existing infrastructure.

"Enterprise sales is never easy for young companies, but Benjamin is a convincing and seasoned serial entrepreneur who has secured numerous leading financial institutions as key clients."

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