Swedish startup CarbonCloud attracts € 1,000,000 in international VC funding to work with food brands on their carbon footprints
CarbonCloud, a startup spun out of world-leading research on food and climate at Chalmers University of Technology, announced today a € 1,000,000 financing round led by Finnish venture capital firm Maki.vc and German TS Ventures.
CarbonCloud develops innovative software that helps companies within the food industry to calculate and communicate the climate footprints of their products at scale. The company has already onboarded high-profile paying customers who lead the way on climate labels on food, including names like plant-based milk brand Oatly, who decided to put their climate labels online and on product packaging. Other customers include Naturli Foods, Sproud and Nude.
CarbonCloud’s model is based on twenty years of research and has been reviewed in connection with a wide range of scientific publications. It has been used by the Swedish Environmental Protection Agency and is also the basis for international cooperation, for example with Princeton University and Potsdam Institute for Climate Impact Research (PIK).
“The world needs a sustainable re-boot to get our economies going as the Corona pandemic levels out. Now is the time to seriously focus on the climate, so we don’t walk out from one disaster directly into another”, says David Bryngelsson, CEO and co-founder of CarbonCloud. “Food and agriculture are globally responsible for almost 25% of the climate problem and end-consumers increasingly realize that they can make a difference by purchasing food products with transparent climate labels. Climate footprints on food is moving from the sustainability teams to the marketing teams. It matters for business.”
The food industry has been lagging behind other sectors on climate change, largely because the science behind calculating climate footprints on food is complicated. It has typically required expensive specialist consultants to perform calculations, which has hampered any large-scale effort. CarbonCloud’s platform enables performing climate footprint calculations for products with industry-leading precision in-house, at a fraction of the cost and time required before. The platform allows comparisons between products with a common yardstick and for users to share their results with each other or with the public.
“It is time to digitize the science of climate change and the bookkeeping of climate footprints”, says Tim Schumacher (TS Ventures), a German Investor and Entrepreneur who has already backed many successful climate startups. “CarbonCloud delivers precisely the solution we need to make it possible and attractive for the industry to truly keep track of their emissions and to tell the world about it.”
- “We love investing in teams making products that help make sustainable choices a habit. CarbonCloud’s vision for how to make a change in the food industry is truly unique, putting keys into brands’ and consumers’ hands in ways we’ve never seen before. With their experience, there isn’t a better team in the world to build this platform,”
Says Pauliina Martikainen, Investment Director from Maki.vc.
The investment enables CarbonCloud to onboard new customers and expand their operations, and the team is now looking for new talent within sales, marketing and development to join them on their journey to put climate footprint data on all food products globally.
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Photos: Press kit