UK Startup Gospel Technology Raises £5 million for Enterprise Data Blockchain Platform

Alex Kayyal, a partner at Salesforce Ventures, explained his firm's appetite for Gospel. "Salesforce Ventures looks to invest in the most innovative enterprise companies globally," he said. Gospel matched that description. He continued: "We are excited to support Gospel's vision of advancing enterprise data sharing through blockchain, and we look forward to having them work more closely with our customers."

Roger Ehrenberg, managing partner at IA Ventures, believes blockchain holds transformative potential. The technology "has the potential to radically transform the way organizations collaborate and share data and improve productivity," Ehrenberg said. Gospel's addition to the portfolio reflects this conviction. "We are really excited to add Gospel Technology to our trailblazing community of talent and technology," he said. Ehrenberg offered his outlook on the company's future: "We are looking forward to seeing how the Gospel value proposition matures and how the company acts on its vision for businesses across the world."

Gospel previously raised seed and angel funding from LocalGlobal in February 2018. The Series A proceeds will expand the company's sales and marketing operations and its partner programs. The startup will also continue developing its platform and integrating with existing and new enterprise applications and infrastructure.

The company offers an enterprise database providing complete control over data access and retrieval. Gospel works with several major UK firms, though it declined to name them. Founder Smith told Enterprise Times the startup has gained traction with companies in manufacturing, pharmaceuticals, and business process outsourcing.

Teresa Cottam, chief analyst at the UK consultancy Omnisperience, sees the startup addressing a central enterprise challenge. "What's getting people excited about Gospel is that it has the potential to change enterprises' relationship with their data," she said. The platform "brings to market a breakthrough idea that fixes one of the biggest dilemmas of the Digital Economy: how to enable collaborative and flexible working without compromising on trust and security." Cottam concluded with an observation: "In fact, one of the most surprising things about Gospel is why hasn't somebody done this before?"