Supercritical – the carbon removal marketplace focused on offering high-quality carbon removal credits, has closed its Series A funding round. The company, founded in 2021, announced on June 22nd it has raised $13 million in its latest round, led by Lightspeed Venture Partners and with participation from RTP Global, Greencode Ventures, MMC Ventures and others.
Supercritical helps companies reach their climate goals by measuring their emissions, defining their strategy of achieving net zero, and finding the right emission reduction actions they can apply. It also helps clients purchase high-quality carbon removal credits.
The startup aims to accelerate the scaling of carbon removal technologies by aggregating business demand and innovating with new purchase models. According to the announcement, the Series A funding round will be used by Supercritical to grow the team, expand its product offering, and acquire additional customers.
Supercritical is one of the world’s largest carbon removal marketplaces as it has completed 35% of corporate purchases that took place on the market. It has also run through its platform the purchases of two of the world’s top 20 CDR buyers.
Some of the company’s customers are ambitious climate-active businesses like leading banking platform Tide which became the first fintech to remove 100% of their emissions, working with Supercritical and algorithmic trading firm XTX Markets that has become one of the top 10 purchasers of CDR globally.
Michelle You, co-founder and CEO of Supercritical has also ensured the investors are 50% female in order to follow her corporate ethics of achieving equality in the cap tables.
“We’re proud to work with businesses that are taking a leading role in building sustainability programs that center around both reducing emissions and removing with durable carbon removal, the only type of offset that counts towards net zero… With this funding, we are excited to enter a new chapter and play a meaningful role as a market maker for promising carbon removal projects, aggregating demand to support them as they scale,” commented, co-founder and CEO Michelle You.