Wednesday, June 19, 2024

Altruistiq now in the top 10 best funded climate software companies globally, after initial seed round

 In a sustainability SaaS market currently worth $8b p.a and growing at more than 30% CAGR, Altruistiq is aiming to change the standard on carbon reporting from a “carbon accounting and credits” approach to a “carbon abatement” model with the help of significant new investment.

The first seed round of fundraising has raised £15m – one of the largest for software in Europe, and amongst the top 10 best-funded Climate software companies globally. The funding will help the firm champion its abatement engine, which brings unparalleled accuracy in granular data reporting and business intelligent impact management.

Targeting other large often complex businesses in the retail, food, FMCG, logistics and fashion industries – backers to help drive the growth include venture capital firms, Molten and Norrsken alongside angel investors, Greg Jackson, Mudassir Sheikha and Siraj Khaliq, Sir Ian Cheshire and Nicolaj Reffstrup from GANNI.

In a process that goes deeper than simply a commitment to carbon offsets through the identification of CO2 emissions and reduction initiatives throughout their customer’s value chain, Altruistiq’s solution is having a huge impact on the way its clients do business.

Using data generated by Altruistiq, leading UK recipe box provider, Gousto, is tackling decarbonisation on two fronts: suppliers’ farming methods and the mix of recipes and ingredients it sells. It’s surveying its suppliers to get a better understanding of their carbon footprint and is looking to see how it can use Altruistiq to help its suppliers make their practices more sustainable, which would improve Gousto’s footprint in turn.

The company has surfaced insights using Altruistiq that allow it to reduce the carbon impact of its current recipes down to the individual ingredient. For example, Gousto discovered that sourcing tomatoes from Seville had a lower carbon impact than sourcing from the UK. Such insights help Gousto make more informed sourcing and recipe-development decisions.

As a result of pioneering projects like these, Altruistiq has started to see an impact in Opex savings, share price, investment potential and employer brand reputation, as well as opening up access to the £trillion opportunity of climate finance.

Altruistiq believes sustainability is the world’s biggest data issue, as without extreme accuracy, transparency & quality, business decisions can be misinformed, investment limited and teamwork misaligned.

Saif Hameed, CEO & founder says: “Focus for business should be on what is ‘measurably good’ for the planet and your bottom line. The future is about quality of data, empowerment to act, and business management potential that means you don’t have to follow the crowd”

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