Startup Altruistiq has raised £15m in seed funding.
The London-based company says it aims to change the carbon reporting standard from a “carbon accounting and credit” approach to a “carbon reduction” model.
The funding will help the firm champion its anti-emissions system, which it says provides unrivaled accuracy in detailed data reporting and smart business management. It targets large, often complex businesses in the retail, food, FMCG, logistics and fashion industries.
Backers include venture capital firms Molten and Norrsken, as well as angel investors Greg Jackson, Mudasir Sheikha and Siraj Khaliq, Sir Ian Cheshire and Nicolai Refstrup of GANNI.
In a process that goes deeper than just carbon offset commitments through identifying CO2 emissions and reduction initiatives across the customer’s value chain, Altruistiq says its solution has a big impact on how its customers do business.
Using data obtained by Altruistiq, British recipe box supplier Gousto is tackling decarbonisation on two fronts: the farming practices of its suppliers and the mix of recipes and ingredients it sells.
The company obtained information with the help of Altruistiq, which allows it to reduce the carbon impact of its current recipes down to individual ingredients. For example, Gousta found that tomatoes from Seville had a lower carbon impact than those shipped from the UK.
“We’re seeing a big shift towards businesses embracing the ‘carbon offset’ space,” said Saif Hameed, CEO and Founder.
“Although this is a favorable tailwind, imprecise data sets and the resulting lack of detailed calculations lead to overall emission rates that can leave organizations open to accusations of green emissions.
“At Altruistiq, we’re focused on giving businesses the tools to develop data to better understand their actual impact and build their confidence in sustainability.”
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Alexander Danielsson, investment director at Norrsken VC, added: “We support entrepreneurs solving the world’s biggest challenges.
“Altruistiq provides a sustainability platform where corporations can, among other metrics, measure and plan emissions reduction initiatives in a simple and effective way.
“Allowing corporations to reduce their emissions is the biggest lever to get us to Net Zero. We are excited to partner with Saif and the Altruistiq team to solve our climate crisis.”
£15m to power growth at sustainability impact startup Altruistiq
