London-based carbon procurement tech company Abatable has raised $13.5 million from Spanish investment form Azora Capital and has used part of the funds for the acquisition of Ecosphere+, which provides nature-based carbon credits.
In addition to the acquisition, Abatable will use the funding to expand its client base and thus support more businesses in achieving their net zero plans.
Ecosphere+, whose projects promote reforestation, reduce deforestation, and support local communities, will help Abatable reach a broader portfolio of corporate clients and will provide access to its database containing over 45 million carbon credits.
By combining Abatable’s access to more than 2000 carbon project developers and Ecosphere+’s procurement expertise and extensive corporate buyers base, the deal will result in the largest technology enabled carbon procurement platform, the London-based firm said.
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“Our acquisition by Abatable signals a strategic union of missions and complementary expertise. Abatable’s platform will propel our joint reach and impact and we’re thrilled to be on this new journey with the technology needed to accelerate and scale action for climate, nature and people,” Lisa Walker, CEO of Ecosphere+, commented on the deal.
For Azora the capital injection in Abatable represents the second investment under its European Climate Solutions growth equity strategy, aimed at supporting companies that provide decarbonization solutions for the European economy.
“This investment will help accelerate Abatable’s growth strategy by enabling it to acquire Ecosphere+ and enhancing its ability to provide impactful decarbonization strategies across a broader range of companies and industries,” according to Santiago Olivares, Managing Partner at the Spanish firm.
Abatable provides a carbon intelligence and procurement platform that facilitates the purchase of high-quality carbon credits to help clients achieve their climate goals.
Read more: BeZero Carbon Finds Only 15% Of Carbon Credits Are High Quality