Altruistiq, a software-as-a-service (SaaS) start-up that uses data to improve carbon reporting, has raised £15m in one of the UK’s largest tech seed funding rounds.
Altruistiq works with companies in the food, retail, FMCG, logistics and fashion industries to provide data-driven carbon insights and offer CO2 reduction solutions.
“We’re seeing a big shift towards businesses embracing the ‘carbon accounting’ space,” said Saif Hameed, CEO and founder of Altruistiq.
“While 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 laundering.”
Altruistiq partnered with recipe box supplier Gousto, which has since taken steps to decarbonize at the ingredient level in its supply chain.
The funding round came from venture capital firms Molten and Norrsken, along with participation from a number of angel investors.
“Altruistiq provides a sustainability platform where corporations can, among other metrics, measure and plan emissions reduction initiatives in a simple and effective way,” said Alexander Danielsson, Chief Investment Officer of Norrsken VC.
“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.”
The impressive £15m round is just shy of the UK record Initial investment of £17 million received Edinburgh-based blockchain firm BetDEX.