Image credit: The CUR8
Today, CUR8, a UK-based carbon removals start-up, divulged they had gotten £5.3m in a pre-seed funding round headed by Google Ventures (GV).
CUR8 indicated that with the addition of funding from CapitalT, it plans to expand its workforce, increase its capabilities, and expedite the advancement of its platform for trading and verifying in the burgeoning carbon removals industry.
Marta Krupinska, CUR8's co-founder and CEO, declared that a multi-trillion dollar industry is emerging and cannot only contain the climate emergency but also speed up scientific progression, create jobs, and offer chances internationally. She went on to say that, as they set out to build the platform that will enable this growth, they are glad to have been able to recruit the most accomplished professionals from the industry and are overjoyed to have the support of GV and Capital T to accompany them on this path.
Krupinska, a fintech entrepreneur, Dr Gabrielle Walker, a climate scientist, and Mark Stevenson, a writer and net zero investigators, jointly launched the UL company last year.
CUR8 is a platform that enables customers to invest in high-quality carbon removal projects to offset their emissions. The platform's creators refer to it as a "market-making" system.
CUR8 declared that various carbon removal techniques are now being perceived as a "crucial way" for entities to counterbalance their unavoidable emissions to achieve net zero. These carbon removals can encompass nature-based methods, such as tree planting, and technological processes, such as direct air capture (DAC) of CO2.
The company cautioned, however, that the technologies for removing carbon were in their early stages. It mentioned a scarcity of supply, questions about quality and potential danger, and the high cost of investing in carbon removal offset credits. These obstacles, it said, could hinder investors from partaking in the sector.
The companies declared that their market platform aimed to equip the carbon removal industry with the tools it needs to become more efficient and proficient, giving customers the capability to acquire credits from reliable vendors.
The Intergovernmental Panel on Climate Change has determined that 10 billion tonnes of carbon dioxide need to be eliminated by 2050. CUR8 has declared that it will be responsible for 10 per cent of global carbon extraction over the next 25 years as they are constructing essential industry infrastructure.
CUR8 has established a market-level cost of £150 per carbon reduction. Still, they hope to allow greater affordability by reducing the cost of carbon credits, currently approximated at £150 each, as the industry grows and can serve businesses of all sizes.
The company offers a detailed analysis of suppliers, utilizing over 100 metrics related to sustainability, efficacy, and scalability. This helps reduce the risks associated with purchasing carbon and better understand the effects of their investment. Additionally, they track and monitor carbon sequestration efforts, which allows customers to plan long-term ESG and net-zero strategies.
Luna Schmid of GV remarked that carbon removals are fundamental in addressing the difficulties caused by the climate crisis. CUR8, she indicated, is a significant player in the carbon removals market, providing reliable services to enterprise clients and leading the way in creating financial tools to support the sector.