Yahoo Finance Climate-tech start-up Normative raises €10 million in lead up to COP26
Start-up Normative has raised €10 million from climate-tech investors to fuel expansion in the lead up to COP26.
The Stockholm-based company, launched in 2014 by founder Kristian Rönn, helps companies work out what their carbon footprint actually is. Its software automates emission calculations and provides insights and guidance to companies on how to reduce them.
Normative provides software for the UK’s SME Climate Hub - a partner in the UN’s Race to Zero campaign aiming to drive change towards a decarbonized economy ahead of the summit in Glasgow later this month.
Normative raised the cash 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 cash to roll out new tools for small and medium enterprises, with Google’s backing.
The start-up is rolling out a free starter plan in collaboration with the tech giant to provide businesses of all sizes with access to accurate carbon accounting software.
Rönn said business leaders have to grasp the historic opportunity COP26 provides to measure and take action to reduce their carbon footprint.
The founder, who left his job analyzing global risks at the Future of Humanity Institute at Oxford University to start Normative, said the start-up has grown by 200% in the last year, including increased demand from UK firms.
He said: “Ahead of COP26, it is time for everyone and businesses in particular to be courageous. We are in a climate emergency and we must take action, real action.
“Businesses also need to be pragmatic - and realise that removing carbon inside their operations and their supply chains makes good business sense. The cost of carbon is a huge liability on your balance sheet and you need to act to ensure that your business will survive."
He continued: “We are building cloud software and AI to close the technology gap which prevents most businesses from starting to take climate action.”
Jacob Bro, partner and co-founder at 2150, said: “Carbon accounting is the first truly global software vertical in climate tech and we see accelerating demand as millions of companies realize that measuring, reporting and managing their carbon footprint is a necessity to remain competitive and compliant."
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