Might be worthwhile rendering it into partial English:
So, with that as the 元, ...
And 元 can mean foundation, start, beginning, entranceway, original,... it could be rendered many ways.
Essentially, this construction requires that there be a preceding sentence/clause/word to point to. (それが)
You could also see it as
それが元となって, or それを元として, ...
So you're wondering if it's related to それで or というわけで
Kind-of. というわけで is literally "by way of the [mentioned] reason" or "for that reason" in more natural English. The で in the phrase you posted can also be interpreted as "by way of [this] 元... (something occurred) "
Well you asked this over a month ago, but I wrote out this response so, I'll post it in case it's useful to someone down the line.