We are today delighted to announce that Molten Ventures has led a £15m seed funding round in Altruistiq, a climate tech company whose emissions reduction model is leading the change in corporate carbon measurement.
Altruistiq’s platform enables large enterprises with complex supply chains to automate sustainability data measurement, management and exchange. Altruistiq brings unparalleled accuracy in data reporting, breadth of supply chain integration, and the ability to make lasting change that goes deeper than simply a commitment to carbon offsets. Its unique abatement (emissions reduction) engine provides granular business data detail, investment insights to drive commercially viable differences, comparitive modelling of options and impacts and real time analysis that can build a community of leaders within any business, focused on shared sustainability goals.
The engine provides an alternative solution for companies see more than ‘just reporting’ as the end goal. Altruistiq is driving genuine decarbonisation with its ‘abatement engine, whilst rivals overemphasise the offsetting approach as their lead offer. Alongside implementing real carbon reduction impacts - rather than just offsets - partner businesses have 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. In doing so, the Altruistiq team is moving the board-room conversation beyond just reporting, into sustainability impact management.
Targeting large, often complex businesses, primarily in the retail, food & beverage, logistics and fashion & textile industries, Altruistiq’s clients already include Gousto, Octopus Energy, Rubix, Meadow Foods and Lush Cosmetics. The abatement engine has helped DANX distribution - a leading logistics specialist offering time sensitive spare parts transportation across Europe – see an immediate impact. This includes sharing detailed trip data on emissions with all customers at a journey-by-journey level, rather than just company averages, creating a living strategy around smart route optimisation and vehicle switching.
George Chalmers, Head of Climate at Molten Ventures said: “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. We are delighted to back such an exceptional team and look forward to joining them on this exciting journey.”
“In recent weeks, we’ve seen a big shift to embrace the ‘carbon accounting’ space. It’s a helpful tailwind, but the use of high-level calculations and generic emissions factors leaves organisations open to charges of greenwashing.“ said Saif Hameed, CEO & founder, “We’re seeing this create a real erosion of credibility for even very well-intentioned brands. Processing raw, operational data in a traceable way, using the data engineering tools available today, can give businesses an understanding of their actual impact, whilst also enhancing their credibility in sustainability.”
The round was led by Molten, with support from Norrsken and industry leading advisors including Greg Jackson, Mudassir Sheikha, Sir Ian Cheshire and Siraj Khaliq. The £15m raise makes Altruistiq one of the top 10 best-funded Climate software companies globally at this stage, in a sustainability SaaS market currently worth $8bn p.a.