Y Combinator-backed startup Minimum will raise $ 2.6 million in seed rounds led by Octopus Ventures to give all companies access to carbon neutrality.
Minimum technology allows companies to integrate carbon calculations and offsets directly into their business processes and customer journeys.
minimum, Y Combinator-backed start-ups helped companies in all industries make their products and services carbon-neutral, raising $ 2.6 million in seed funding. The investment was led by Octopus Ventures with participation from Clocktower Ventures, Dutch Founders Fund, Plug & Play Ventures and AGO Partners.
The minimum platform allows companies to calculate carbon dioxide emissions for their products and services and connect them to a carefully selected set of market-leading carbon offset projects to neutralize their environmental impact. I can do it. Once you’ve selected the projects your company wants to support, you can use Minimum’s unique APIs to incorporate this carbon calculation and offset capabilities directly into your business processes and customer journeys. For example, trigger an offset on POS. Alternatively, you can easily manually enter your company’s emissions information using Minimum’s simple web app.
Consumers demand sustainability as a standard
From video streaming to coffee subscriptions to ride sharing, almost every company emits carbon when it does business. As consumers become more aware of the damage these emissions can do to the planet, consumers are demanding more sustainable practices from their brands, with 80% showing that sustainability is important to them.1..In fact, in over 90% of the CPG category, products in the sustainability market grow faster than traditional products.2.. However, despite the pressure, carbon neutrality is very difficult for companies to achieve due to the complexity of understanding the impact of carbon and the difficulty of finding and working on reputable carbon projects. It may be.
Minimum emission calculation engine
The minimum calculation engine works by automatically converting important data about each product or activity into emission information. For example, T-shirt emissions may be calculated from data on weight, raw materials, shipping and delivery, manufacturing processes, and more. Travel emissions for internal employees can be calculated from origin, destination, mode of transport, and more. When possible, the Minimum incorporates certain personalized data provided by the company itself. If a company does not have this data, Minimum uses a probabilistic model to combine the data it has with a wider dataset to provide an estimator of emissions.
Minimum carbon removal and reduction project
The minimum will carry out important due diligence to ensure that it works only in the highest caliber carbon removal and reduction projects. This allows companies to accurately track the positive impact of offsets and pass this information on to their customers. The minimum project portfolio is Oxford Principles on Net Zero Align Carbon OffsetsGives companies access to both carbon reduction projects (renewable energy, forest conservation, etc.) and carbon removal projects (reforestation, direct atmospheric carbon capture, etc.). Companies can choose individual projects that appeal to them, or they can choose from a diverse portfolio.
Minimum future plan
The $ 2.6 million investment is a minimum advancement to make carbon neutral a new default for companies in Europe and the United States, including triple the team, expand customer offerings, and continue to invest in proprietary computing engines. I will support you. By the end of 2021, use cases will emerge rapidly in a wide range of industries such as on-demand delivery, real estate and cryptocurrencies, and Minimum expects to help offset more than 100,000 tonnes of CO2e.
Nick Sando, a fintech investor at Octopus Ventures, commented:
“Companies with strong sustainability qualifications have great commercial opportunities, but in most cases they are very difficult to achieve. Minimums incorporate real-time emission tracking directly into the business itself. It’s a game changer because companies can actually neutralize accountable emissions rather than arbitrary amounts. This not only helps to make operations carbon-neutral by default, but also has a carbon impact. By understanding, companies can provide their customers with the coveted carbon transparency and equip them to continually improve process sustainability. “
Co-founder and CEO Freddie Evans commented:
“It’s not surprising that consumers demand sustainability, but sustainability is becoming a major competitive advantage for businesses. All businesses understand emissions as much as possible. Inevitable emissions need to be neutralized by reducing and supporting carbon removal and reduction projects. Those that do not are left behind. Making effective climate change measures accessible to businesses. I built the Minimum for it, so there’s no reason not to accept it. ”
Notes to editors:
1 IBM, 2020
2 Harvard Business Review, 2019
About the minimum value
- Minimization gives all operators access to carbon neutrality
- Their technology allows companies to integrate carbon calculations and offsets directly into their business processes and customer journeys (such as point-of-sale), allowing them to track and neutralize environmental impacts by default.
- The minimum carbon project portfolio is Oxford Principles on Net Zero Align Carbon OffsetsGives companies access to both carbon reduction and carbon removal projects.
- Minimum is currently helping companies achieve carbon neutrality in a wide range of industries, from professional services to real estate and on-demand delivery.
- By the end of 2021, they expect to promote offsetting of more than 100,000 tons of CO2e.
About Octopus Ventures
At Octopus Ventures, we invest in people, ideas and industries that help change the world. Our investment team is built to specialize in five areas with the highest potential for growth and innovation: health, fintech, deeptech, consumer and B2B software. Since 2008, Zoopla, Secret Escapes, graze.com, tails.com, Swiftkey, Elvie, Depop, Sofar Sounds, Big Health, Bought By Many, ByMiles, OLIO and Cazoo, City Pantry, Simply Cook, HAS Technology. Octopus Ventures manages £ 1.7 billion and invests over £ 200 million annually, making it one of Europe’s largest and most active venture investors. We tend to invest from £ 1m in seeds to £ 10m in series B and can continue to fund companies returning to IPOs. We are based in London and New York and have a network that spans San Francisco to China. The companies we support will be part of this network and will have access to a vast resource of experience and expertise.
Focus of our investment:
- Health: Transforming the medical industry, from digital therapies to biotechnology.
- Fintech: Revolutionizes the ability of society to exchange and allocate financial resources and risks.
- Deep Tech: Tools and technologies that will drive the next industrial revolution. These include quantum computing, robotics and drones, sensory human enhancement, and 3D printing.
- Consumers: Reinvent everyday in the ways we live, work, travel, play, rest and recover.
- B2B software: Investing in companies driving digitalization and automation in traditional and early industries.
Minimum secures £ 1.9m seed investment led by Octopus Ventures – UK Tech Investment News
Source link Minimum secures £ 1.9m seed investment led by Octopus Ventures – UK Tech Investment News