Carbon removal marketplace Supercritical announced today it that has raised $13 million in Series A financing, with proceeds aimed at supporting the accelerated expansion of carbon dioxide removal (CDR) solutions.
According to the landmark Intergovernmental Panel on Climate Change (IPCC) climate change mitigation study released last year, scenarios that limit warming to 1.5°C include carbon dioxide removal methods scaling to billions of tons of removal annually over the coming decades. The report also noted, however, that while there are multiple existing solutions to capture and store CO2, most are early stage and currently limited in scale.
Founded in 2021, London-based Supercritical provides a carbon credit marketplace focused on vetted carbon removal solutions, helping businesses achieve net zero. The company is one of the world’s largest carbon removal marketplaces, accounting for 35% of corporate purchases.
Michelle You, co-founder, Supercritical, said:
“As the only marketplace exclusively focusing on high quality carbon removal, it’s our mission to act as a trusted partner to businesses serious about net zero. Since our launch two years ago, we’ve been astonished by the rapid growth in demand for our portfolio of durable carbon removal offsets. With this funding, we are excited to enter a new chapter and play a meaningful role as a market maker for promising carbon removal projects, aggregating demand to support them as they scale.”
The new funding round was led by Lightspeed Venture Partners, with other investors including RTP Global, Greencode Ventures, and MMC Venture.
According to Supercritical, the new funding will be used to expand its team, innovate with new purchase models, grow its product offering, and acquire new customers.
Paul Murphy, Partner at Lightspeed Venture Partners, said:
“By focusing exclusively on carbon removal offsets, Supercritical is helping businesses invest in the places that will actually deliver climate impact while they work in parallel to decarbonise. By aggregating demand, they are providing the resources that CDR projects need to scale in time. Net zero is simply unattainable for the vast majority of corporations without a robust, quality carbon removal platform like Supercritical. We are so pleased to be part of their journey.”