Altruistiq raised roughly €17.6 million (USD 18 million) The London-based team wants to transform the current carbon reporting methodology into a carbon reduction model, leading to more practical climate action.
The considerable capital increase of USD 18 million places Altruistiq among the best-funded climate tech software startups worldwide. Along with Norrsken, angel investors Greg Jackson, Mudassir Sheikha, Siraj Khaliq, Sir Ian Cheshire, and Nicolaj Reffstrup from GANNI, Molten oversaw the investment.
Saif Hameed, CEO & Founder, said:
“The number of businesses embracing the “carbon accounting” field has significantly increased. Despite being optimistic, faulty data sets and a lack of precise calculation result in generic emission factors that expose organizations to accusations of greenwashing. At Altruistiq, we’re committed to providing businesses with the data engineering tools they need to comprehend their actual impact and build sustainable credibility fully.”
George Chalmers, Head of Climate at Molten Ventures:
“Altruistiq is already demonstrating the strength of its platform, which can, in our opinion, become the market leader in a quickly changing area. Altruistiq is well positioned to address the growing demand for a carbon reduction solution that does more than merely report emissions. We are honored to support such a remarkable team and look forward to going on this thrilling journey with them.”
Alexander Danielsson, Investment Director at Norrsken VC added:
“Norrsken VC supports business owners tackling the world’s most significant problems. Altruistiq offers a sustainability platform where businesses can quickly and effectively assess emissions and organize measures to reduce them, among other metrics. The big lever to get us to net zero is allowing corporations to reduce their emissions. We are thrilled to be working to address our climate problem with Saif and the Altruistiq team.”
More about the startup:
The London-based firm, founded in 2020, is developing a carbon reduction model. It’s a method that involves more than just deciding to buy carbon offsets; it also involves locating emission and reduction programs. Instead, Altruistiq’s service directly impacts how clients conduct business, bringing about change that is more effectively integrated into business operations over the long run.
For instance, a leading UK recipe box provider, Gousto, is addressing decarbonization on two fronts: suppliers’ farming practices and the mix of recipes and ingredients it offers. This is done using data supplied by Altruistiq. To better understand its suppliers’ carbon footprint, Gousto is conducting a study of them. The company is also exploring how it may utilize Altruistiq to support its suppliers’ adoption of sustainable business practices, which would reduce Gousto’s carbon footprint.
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