UK-based carbon removal marketplace Supercritical says that a recent funding round will ‘fuel new chapter of growth'. Businesses can purchase 'fully qualified' carbon removal credits through the platform - these credits meet the industry standard Science Based Targets initiative (SBTi).
The aptly named Supercritical says only 6% of all CDR projects pass its vetting system and make the cut to appear on the platform.
"We’re proud to work with businesses that are taking a leading role in building sustainability programs that centre around both reducing emissions and removing with durable carbon removal, the only type of offset that counts towards net zero," says Supercritical's co-founder and CEO Michelle You. "As the only marketplace exclusively focusing on high quality carbon removal, it’s our mission to act as a trusted partner to businesses serious about net zero."
The Intergovernmental Panel on Climate Change (IPCC) says in order to keep global average temperature rises below 1.5C, carbon removal solutions are needed. The issue facing the carbon removal industry is scaling. Across the whole of 2022, around 600,000 tonnes of CDR were purchased, less than 0.01% of the 10 gigatonnes the IPCC says will need to be available annually by 2050.
Supercritical has raised $13 million in Series A funding. The round was led by Lightspeed Venture Partners and includes RTP Global, Greencode Ventures, MMC Ventures and others. Funds will be used to grow the team, expand customer reach and further develop the platform’s offering.
"With this funding, we are excited to enter a new chapter and play a meaningful role as a market maker for promising carbon removal projects, aggregating demand to support them as they scale," says You. "We have a vanishingly tiny window to start the acceleration curve towards the 10 billion tonne annual CDR capacity required by 2050, and we are proud to play an early market leading role in helping this industry scale.”
"Net-zero is simply unattainable for the vast majority of corporations without a robust, quality carbon removal platform like Supercritical. We are so pleased to be part of their journey," adds Paul Murphy, Partner at Lightspeed Venture Partners.
Main image: Supercritical co-founders - Michelle You (CEO), Aaron Randall (CTO) (source: Supercritical)