Spanish-based climate marketplace startup ClimateTrade announced today it has raised €7 million in a Pre-Series A financing, with plans for a further €13 million of funding from a US-focused round, with the financings aimed at enabling the company to fund its international expansion plans.
Founded in 2017, ClimateTrade is a blockchain-enabled marketplace that helps companies achieve their carbonization goals by financing certified carbon offsetting and climate generative projects worldwide.
Demand for carbon offset projects that counteract the release of greenhouse gases is expected to increase significantly over the next several years, as companies and businesses increasingly launch net zero ambitions, and turn to offsets as a bridge to their own absolute emissions reduction efforts, or to balance difficult to avoid emissions.
Proceeds from the financing will be used by ClimateTrade to grow its activities in Europe, Asia, and the US with new offices in four countries, expand its technological product offering, and hire new talent. The company recently launched an API and Widget to allow companies to offer carbon-neutral products and services to their customers.
Francisco Benedito, ClimateTrade’s CEO, said:
“For four years, ClimateTrade’s vision has been to enable climate action through technological innovation. Our blockchain-backed marketplace allowed companies to offset almost 2 million tons of CO2 in 2021 alone. This oversubscribed funding round is a testament to the impact ClimateTrade has already generated, and we are excited to further our action against climate change with this new infusion of capital.”
The €7 million was raised from Spanish investment firm GED via its VC fund Conexo Ventures, US power, and technology fund ClearSky, blockchain investors Borderless Capital and Algorand, SIX FinTech Ventures, the VC arm of Swiss financial infrastructure provider SIX Group, Spain’s Telefónica via its open innovation hub Wayra, the investment arm of Japanese corporation Omron Ventures, climate VC Amasia, and Valencian impact fund Zubi Capital, which is backed by the founder of payment unicorn Flywire, Iker Macaide.