Altruistiq, a software as a service (SaaS) startup using data to improve carbon reporting, has raised £15m in one of Britain’s largest tech seed funding rounds.
Altruistiq works with companies across the food, retail, FMCG, logistics, and fashion industries to provide data-driven insights into carbon emissions and offer CO2 reduction solutions.
“We’ve seen a big shift towards businesses embracing the ‘carbon accounting’ space,” said Saif Hameed, CEO and founder of Altruistiq.
“Whilst this is a helpful tailwind, inaccurate data sets and a resulting lack of granular calculation leads to generic emission factors that can leave organisations open to charges of greenwashing.”
Altruistiq has worked with recipe box provider Gousto, which has since taken steps to decarbonise at the ingredient level in supply chains.
The funding round was led by venture capital firm Molten, with some participation from Norrsken as well, along with a series of angel investors.
“Altruistiq provides a sustainability platform where corporates can, among other metrics, measure and plan initiatives to abate emissions in a simple and effective way,” said Alexander Danielsson, investment director at Norrsken VC.
“Enabling corporates to abate their emissions is the biggest lever to take us to net zero. We are delighted to be partnering up with Saif and the Altruistiq team to solve our climate crisis.”
The impressive £15m round is just shy of the UK’s record £17m seed investment received by Edinburgh-based blockchain firm BetDEX.