Stockholm-based “Software as a Service” helps start-up companies find out what their carbon footprint really is
Tart-up Normative has raised €10 million from climate-tech investors to fuel expansion in the run up to COP26.
The Stockholm-based company, launched in 2014 by founder Kristian Ron, helps companies find out what their carbon footprint really is. Its software automates emissions calculations and provides insight and guidance to companies on how to reduce them.
Normative provides software for the UK’s SME Climate Hub – a participant in the United Nations’ Race to Zero campaign, which aims to drive the transition to a decarbonized economy ahead of the summit in Glasgow later this month.
Normative raised cash in a Series A funding round led by 2150 and ETF Partners.
Existing investors LowerCarbon Capital, Bifounders and Luminor Ventures also participated in the round.
The start-up plans to use the cash to roll out new tools for small and medium enterprises, with support from Google.
To provide businesses of all sizes with access to accurate Carbon accounting software, the start-up is rolling out a free Starter plan in collaboration with the tech giant.
Ron said business leaders need to understand the historic opportunity COP26 provided to measure and take action to reduce their carbon footprint.
The founder, who quit his job analyzing global risks at the Future of Humanity Institute at Oxford University to start Normative, said start-ups grew 200% in the past year, with a spurt of UK firms Including demand.
He added: “Before COP26, it is time for everyone, and especially for businesses, to be courageous. We are in a climate emergency and we must act, take real action.
“Businesses also need to be pragmatic – and realize that removing carbon within their operations and their supply chain makes good business sense. The cost of carbon is a huge liability on your balance sheet and you need to ensure that You need to work for your business to survive.”
He continued: “We are building cloud software and AI to close the technology gap that prevents most businesses from initiating climate action.”
Jacob Broe, partner and co-founder at 2150, said: “Carbon accounting is the first truly global software vertical in climate tech and we see an uptick in demand as millions of companies realize how to measure, report and manage their carbon footprints. Doing is a necessity. Competitive and obedient.”