Bangalore, India-based climate tech startup Climes raised USD 1.2 million in seed funding. The round took place on July 5, 2022. Sequoia Capital India, Kalaari Capital, Zerodha founder Nithin Kamath and Avaana Capital co-led the financing for the company.
Meanwhile, Keshav Reddy of Reddy Futures, Arjun Gupta from Smart Joules, Akshay Singhal of Log9 Materials, Satyen Kothari from Cube Wealth, and Anshuman Bapna of Terra.do from Stanford Angels participated in the round.
Purpose of Funding by Climes
With the latest funding round, Climes wants to expand brand integrations across the fashion, food, travel, beauty, and personal care industries. It seeks to create a roadmap for companies to become market leaders in climate change. Besides, the company wants to focus on technological enhancements to enable the quick adoption of climate solutions in India. Further, it looks for transparent measurement and reporting of the impact caused.
Climes find itself in need of urgent capital requirements. Therefore, the Bangalore-based firm will unlock an untapped source of capital.
What the Co-founders have to say
“Finance is the single biggest lever to solve climate change. Fantastic projects and solutions for carbon mitigation exist all around us. However, the finance needed to scale these projects is simply not flowing fast enough. With this capital raise, Climes is building the digital infrastructure to enable a big chunk of the money to flow transparently and design the right incentives for market players to benefit. The delta of each rupee/dollar/euro that flows through Climes will have an outsized multiplier impact on global carbon mitigation,” said the co-founders in a statement.
What the investors have to say
Vani Kola, Managing Director, Kalaari Capital, said, “The rising awareness of the need for carbon-neutral lifestyle and climate costs require urgent new solutions. Entrepreneurs offering solutions with climate sensitiveness can create key differentiating propositions. Sid and Ani have lofty goals to bring climate awareness and action. Climes’ solution makes it possible for brands to embark on that transition by allowing customers to carbon-neutralise every transaction.”
Additionally, Nithin Kamath, Founder & CEO, Zerodha & Rainmatter, said, “The ideal solution towards climate change problems is to reduce consumption which may not be possible at all times. Making people aware of their carbon footprint and then making it available to offset may be a good mid-way path. We are excited to be a part of their journey and learn ourselves along the way.”
About Climes
Anirudh Gupta and Siddhanth Jayaram co-founded Climes. The company focuses on individuals taking climate action with a single click. Climes’ technology allows brands to turn climate-conscious in a matter of hours. TEDx, MakeMyTrip, Wedding Brigade and Zingbus are some companies related to the firm.
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