Connect Earth captures $5.6 million as it collects carbon data on financial transactions

The UK start-up will expand its US reach and scale faster into Europe with its attempts to clean up the financial sector
Connect Earth captures $5.6 million as it collects carbon data on financial transactions

London-based Connect Earth closed a $5.6 million Seed round as it plans to scale faster with its environmental data within Europe and support the company’s expansion into the US.

The round was led by Gresham House Ventures with participation from Love Ventures, Global Brain and its CVC partner The Norinchukin Bank, Portfolio Ventures, Super Capital and strategic angel investors. Existing investors Market One Capital, Mustard Seed MAZE and Venista Ventures joined the round as well.

“The financial sector has historically lacked the infrastructure to support sustainable finance in a tangible way. Connect Earth is solving two significant issues for financial institutions," says Benjamin Faulkner, Associate Director at Gresham House Ventures.

"Firstly, facilitating products and features that provide end-users insights into their carbon footprint improves customer acquisition, engagement, and retention. Secondly, extensive regulatory tailwinds such as TCFD and SFDR require financial institutions to materially improve disclosure of their carbon footprints across value chains," he says.

Founded in 2021 by Alexander Lempka and Nick Carmont, the Connect Earth's API has been integrated with banks like KBC Bank and New York's Bank Purely and several fintechs across Europe and the US, including Cogni, Ribbon, and Jules. 

“Decarbonisation initiatives in the financial sector are growing rapidly which is why we need to further scale our product offering to help financial institutions measure and reduce the emissions of their customers,” says Alexander Lempka, Co-Founder and CEO at Connect Earth. “This funding round enables us to exponentially increase our impact globally.”

“We strongly believe that in the future, sustainability and carbon footprint awareness will become a major factor, influencing decision-making for businesses and customers alike. Connect Earth is working on providing a key piece of infrastructure that will make it a possibility,” says Jakub Ślusarczyk, Partner at Market One Capital.

“When we first met Alex and Nick in 2021, they impressed us with their vision and drive. More importantly, for the last two years, they have proven time and time again that they are able to execute on that vision and we are happy to be able to further support them in the mission of decarbonisation and building a tremendous company," he adds. 

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