Paris-based Carbonable lands €1.2 million to bring transparency to carbon offsetting
Carbonable, a startup aiming to overcome challenges in the Voluntary Carbon Market, has just raised €1.2 million. The Paris-born company now plans to scale its efforts.
In the race to reach net zero, carbon offsetting is a booming market. In 2021, companies spent a reported $1 billion in this space, and it’s expected to have a market value of $200 billion by 2025. Carbon offsetting is proving to be a popular way for corporates to achieve climate balance and hit key sustainability and ESG targets.
However, it’s a market tainted by criticism. Greenwashing is at sky-high levels and there is considerable criticism surrounding the lack of transparency and traceability in carbon trading. Founded in 2021, Carbonable is tackling these problems through Web3 technology.
Guillaume Leti, Co-Founder, Carbonable: “Today, when environmental leadership represents both a need and an opportunity, climate contributions must be part of every corporate strategy. Carbonable brings an actionable solution to empower businesses to execute their climate contributions approach in the most effective way. We are the only player that overcomes the three main challenges of funding, operations and communications.”
The Paris-born team has just secured €1.2 million in a seed round. The investment was led by Ethereal Ventures and La Poste Ventures.
Olivier Senot, Director of Innovation of Docaposte, digital subsidiary of La Poste Groupe: “Carbon neutrality is on the investment thesis of La Poste Ventures, operated by XAnge. We think that Carbonable is uniquely positioned to help reach carbon neutrality faster, thanks to a thorough due diligence process for project selection combined with a strong technology platform.”
Carbonable is tapping into the growing carbon offset market, providing a quality carbon credit supply with accessible and transparent funding. Targeting both businesses & individuals, Carbonable invests in nature-based certified projects with a focus on biodiversity, local community impact and carbon absorption. The startup’s toolkit allows users to control their carbon capture supply with real-time web impact reports, using blockchain for traceability and transparency and avoiding greenwashing.
Ramzi Laieb, Co-Founder, Carbonable: “To reach net zero globally, major corporations need to first reduce their carbon footprint and then support climate contributions. Carbonable ensures the best execution for investors and offsetters to contribute to carbon neutrality in the right way – this is key to creating a sustainable future.”
The innovative company converts carbon-offsetting projects into digital assets. This allows for better cost, security and transparency of investments. It also diversifies risk by enabling corporations to tokenize their existing carbon removal projects and/or to select new ones to fund and manage in the long term.
In addition, the platform provides accuracy on the carbon credit supply management, and automated accounting as well as asset liquidity and traceability throughout the lifespan of the project.
Insights are collected into impact reports to ensure carbon action is genuine and to avoid conflicts of interest in the carbon credit value chain.
The impact-led startup aims to use this approach to benefit the planet for the long term and help contribute towards climate balance. So far, projects are in place in South America and Africa. Carbonable will continue this global expansion with projects ready to go live this year in Europe, Asia and South America.
The existing client base includes a pool of cosmetics and pharmaceuticals, media, consulting and Web3 companies, like Argent Wallet. Pierre Fabre, for example, is partnering with Carbonable to maximize the impact of their climate contributions through projects in Asia and Brazil.
This fresh investment will be used to scale the project, managing more biodiversity initiatives and strengthening partnerships with industry leaders.
Min Teo, Managing Partner & Co-Founder, Ethereal Ventures: “We are excited to partner with such a high impact company which is paving the way for carbon neutrality utilizing novel blockchain technology. Their recent successful launch on StarkNet is a strong indicator of the demand for their upcoming pipeline projects.”