The Normative climate start-up raises 10 million euros for COP26
The Stockholm-based business, launched in 2014 by founder Kristian Rönn, helps companies determine what their carbon footprint is in fact. Its software automates emissions calculations and provides information and advice to companies on how to reduce them.
Normative raised the funds in a Series A funding round led by 2150 and ETF Partners.
Existing investors, Lowercarbon Capital, ByFounders and Luminar Ventures, also participated in the round.
The start-up plans to use the money to roll out new tools for small and medium-sized businesses, with support from Google.
The startup is rolling out a free startup plan in collaboration with the tech giant to provide businesses of all sizes with access to accurate carbon accounting software.
Rönn said business leaders must seize the historic opportunity offered by COP26 to measure and take action to reduce their carbon footprint.
The founder, who left his post of global risk analysis at the Future of Humanity Institute at the University of Oxford to launch Normative, said the start-up had grown 200% in the past year, including including increased demand from UK businesses.
He said: “Before COP26, it is time for everyone and companies in particular to show courage. We are in a climate emergency and we must act, real action.
“Companies also need to be pragmatic and realize that removing carbon from their operations and supply chains makes good business sense. The cost of carbon is a huge liability on your balance sheet and you must take action to ensure the survival of your business. “
He continued, “We are developing cloud software and AI to bridge the technology divide that is preventing most businesses from starting to take climate action. “
Jacob Bro, Partner and Co-Founder of 2150, said: “Carbon accounting is the first truly global vertical software in the field of climate technology and we are seeing demand accelerate as millions of companies realize what to measure , declaring and managing their carbon footprint is a necessity to stay. competitive and compliant. “