Carbonable, a blockchain climate investment platform, announced on March 21 that it has raised a $1.2 million seed round led by Ethereal Ventures.
The company will use the funds to grow its team and R&D efforts, as well as increase the number of international biodiversity projects and boost collaboration with industry leaders. Investors in the round include Sylvain Theveniaud, Managing Director of Allianz Accelerator. In the pre-seed round, Carbonable was also supported by Coline Debayle, Co-Founder of Time For the Planet, and tech leader in the Ethereum ecosystem Abdelhamid Bakhta.
Powered by blockchain technology, Carbonable allows companies to turn their CO2 removal projects into tokens and/or select new projects to fund and manage long-term.
The startup won the Open Geneva Finance Hackathon in 2022 and was nominated by The Big Whale this year in the Purpose-led Project category for the Web3 Awards.
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“Today, when environmental leadership represents both a need and an opportunity, climate contributions must be part of every corporate strategy,” said Guillaume Leti, Co-Founder of Carbonable. “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 Carbonable platform is accessible to both companies and individuals. The company has already sold two projects in South Africa in 2022 and another in Africa at the beginning of this year. Currently, the company is working on launching projects in Europe, Asia, and South America.
Carbonable’s clients come from different industries, including cosmetics and pharmaceuticals, media, consulting and Web3 companies. Recently, Pierre Fabre partnered with Carbonable to support its climate efforts with projects in Asia and Brazil.
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