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Connect Earth raises £1.3m to calculate carbon impact of transactions

connect earth raise

Connect Earth, a startup that collects environmental data and makes it available through developer toolkits, has raised $1.8m (£1.3m) in a pre-seed round of funding.

The round was led by MSM (Mustard Seed MAZE), Market One Capital and D2 Fund. Additional investment came from Plug and Play, Entrepreneur First, Venista Ventures and angel investors.

Connect Earth will use the capital to expand its team from 10 to 15 and grow its data offering in Europe and the US.

The London-based startup’s main product is an API that calculates the carbon impact of spend-based financial transactions, consumers and companies. It also provides bespoke data products by working with other climate tech companies.

Its solutions can be integrated into fintech, accounting and climate tech applications. Its technology has been used by US-based challenger bank Cogni, among others.

“We have a real opportunity here to build tools that will help financial institutions and climate techs to easily embed sustainability insights into their products,” said Nicolas Carmont, co-founder and CTO.

“The climate data space is very difficult to navigate without deep expertise and we want to make developing climate features much easier for businesses who want to have an impact.”

Connect Earth was founded in 2021 by Carmont and Alexander Lempka.

Carmont previously has worked as a software engineer for Amazon and co-founded the NetZero App.

Lempka is the founder of BRITE Education, co-founder of Coinounce and was the head of fintech for Warwick Finance Societies.

MSM has recently invested in Refugee enterprise learning platform Chatterbox and edtech Mindstone.

“Connect Earth is critical in ensuring we have the infrastructure to help businesses embed sustainability data into their products. We believe that this infrastructure is the missing piece to allow for better climate decisions. We are excited and thankful to be partnering with Connect Earth on their journey ahead,” said Henry Wigan, managing partner at MSM.

The Connect Earth raise builds on a record year of investment for impact and climate tech startups. In 2021, UK impact tech startups raised £2bn, up from £1.7bn in 2020.