Carbonable raises $1.2 million to offset carbon on the blockchain

Paris-based Carbonable announced it has raised $1.2 million in a seed funding round. The platform which helps companies to invest in carbon capture on the blockchain has plans to pour funds into growing the team and continued R&D. 

The round was led by Ethereal Ventures, and with La Poste Ventures, operated by XAnge. Investor Sylvain Theveniaud, Managing Director of Allianz Accelerator also took part in the round. 

“Carbon neutrality is on the investment thesis of La Poste Ventures, operated by XAnge. We think that Carbonable is uniquely positioned to help reach carbon neutrality faster, thanks to a thorough due diligence process for project selection combined with a strong technology platform,” Olivier Senot, Director of Innovation of Docaposte, digital subsidiary of La Poste Groupe.

Carbonable invests in nature-based removal certified projects with a focus on biodiversity, local community impact and carbon absorption. The toolkit allows businesses to control their carbon capture supply with real-time web impact reports, using blockchain for traceability and transparency. 

“To reach net zero globally, major corporations need to first reduce their carbon footprint and then support climate contributions. Carbonable ensures the best execution for investors and off-setters to contribute to carbon neutrality in the right way - this is key to creating a sustainable future," says Ramzi Laieb, Co-Founder, Carbonable.

“We are excited to partner with such a high impact company which is paving the way for carbon neutrality utilising novel blockchain technology. Their recent successful launch on StarkNet is a strong indicator of the demand for their upcoming pipeline projects,” adds Min Teo, Managing Partner & Co-Founder, Ethereal Ventures.