Altruistiq raises $15m in a seed round led by Molten Ventures to expand its climate software platform.
Molten Ventures led the seed round for the London based sustainability startup, with backing from Norrsken and several angel investors.
≈ £12.4M at $1 = £0.8296 on 25 Jul 2022
Altruistiq builds sustainability data management software that helps large enterprises measure and reduce their environmental impact. The London based firm provides tools for granular carbon accounting and supply chain emissions tracking.
London based sustainability software startup Altruistiq has secured $15m in its first seed funding round. The investment was led by Molten Ventures, with participation from Norrsken and several high profile angel investors including Greg Jackson and Sir Ian Cheshire.
The capital will be directed towards developing the company abatement engine, which provides granular data reporting and intelligent impact management for businesses seeking to measure and reduce their carbon footprint.
The fresh funding places Altruistiq among the best funded climate software companies globally and establishes it as a notable player in the European market. The platform aims to help corporations tackle supply chain emissions and improve the accuracy of environmental impact assessments.
From the founder
"We’ve seen a big shift towards businesses embracing the ‘carbon accounting’ space. Whilst this is a helpful tailwind, inaccurate data sets and a resulting lack of granular calculation, leads to generic emission factors that can leave organisations open to charges of greenwashing. We, at Altruistiq, are focused on fiving businesses the data engineering tools to better understand their actual impact, whilst also enhancing their credibility on sustainability."
Saif Hameed
CEO & founder at Altruistiq
Investor perspective
"Altruistiq is already proving the power of its platform which we believe can be the category leader of a rapidly evolving market. There is an increasing need and demand for a carbon abatement solution to go beyond just reporting and Altruistiq is in a strong position to meet those needs."
George Chalmers
Head of Climate, Molten
Use of funds
- 01Continue product development
Investors
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About the company
Altruistiq
Altruistiq provides sustainability and carbon accounting software for large enterprises.