Climate solutions provider Climate Vault Solutions announced the closing of its Series A funding round, raising $9.4 million aimed at driving carbon measurement, reduction, removal, and reporting solutions.
Launched this week by climate action-focused non-profit Climate Vault Inc., Climate Vault Solutions provides solutions for verifiable and immediate carbon calculations, reductions and removals, through an integrated reduction and removal program, leveraging government-regulated compliance carbon markets.
Jason Grant, President and Chief Operating Officer, Climate Vault Solutions, said:
“We’ve already reduced nearly one million metric tons of CO2 emissions as Climate Vault, Inc. through government-regulated compliance carbon markets and support from our partners. Today’s launch of Climate Vault Solutions is the logical next step to help us substantially increase our impact while equipping organizations with the tools to take direct action against the climate crisis in a verifiable, quantifiable, and transparent way.”
The funding round was led by San Francisco-based private foundation Inclusive Capital Partners Foundation, with additional investment from King Philanthropies, Valor Siren Ventures, and ThirdStream Partners.
Lee Seward, Chairman of the Inclusive Capital Partners Foundation board, said:
“True system change requires forces of government, business, and philanthropy to work together. We are excited about Climate Vault Solution’s mission for carbon reduction. We look forward to working closely with management to help scale their innovative solutions.”
Michael Greenstone, Chairman of the Board for Climate Vault Solutions and Milton Friedman Distinguished Service Professor of Economics at the University of Chicago, added:
“My co-founders and I first launched Climate Vault, Inc. as a nonprofit in 2021 to fix a broken supply chain in the voluntary carbon offset market and to spur innovation in carbon dioxide removal. Since then, we’ve already helped the planet avert an estimated $190 million of climate damages. This investment allows us to satisfy the demand from world leading organizations that have already partnered with us to neutralize their carbon footprint, like Northern Trust Bank, Morningstar, T. Rowe Price, Cleary Gottlieb, and DRW, as well as launch new collaborations.”