Altruistiq, a sustainability data management startup headquartered in London, has its first seed funding round of $15 million. With this round, it became one of the top 10 best-funded climate software companies globally and among the largest in Europe.
How will Altruistiq use funds?
The investment round was led by Molten (that also invested in &Open and CoachHub recently). Further, Norrsken, alongside angel investors, Greg Jackson, Mudassir Sheikha and Siraj Khaliq, and Sir Ian Cheshire, also participated.
The funds will help the firm champion its abatement engine, which brings unparalleled accuracy in granular data reporting and business intelligent impact management.
Saif Hameed, CEO & founder said: “We’ve seen a big shift towards businesses embracing the ‘carbon accounting’ space. Whilst this is a helpful tailwind, inaccurate data sets and a resulting lack of granular calculation, leads to generic emission factors that can leave organisations open to charges of greenwashing. We, at Altruistiq, are focused on fiving businesses the data engineering tools to better understand their actual impact, whilst also enhancing their credibility on sustainability.”
George Chalmers, Head of Climate at Molten Ventures said: “Altruistiq is already proving the power of its platform which we believe can be the category leader of a rapidly evolving market. There is an increasing need and demand for a carbon abatement solution to go beyond just reporting and Altruistiq is in a strong position to meet those needs.
“We are delighted to back such an exceptional team and look forward to joining them on this exciting journey.”
Alexander Danielsson, Investment Director at Norrsken VC said: “At Norrsken VC we back entrepreneurs that are solving the world’s biggest challenges. Altruistiq provides a sustainability platform where corporates can, among other metrics, measure, and plan initiatives to abate emissions in a simple and effective way. Enabling corporates to abate their emissions is the biggest lever to take us to net zero. We are delighted to be partnering up with Saif and the Altruistiq team to solve our climate crisis.”
Helps manage environmental impact
Founded by Saif Hameed in 2021, Altruistiq software platform helps organisations to measure, manage and share their environmental impact. The company helps organisations reduce the time needed to generate large scale, full scope baselining by 85%, increase the estimation accuracy of indirect or supply chain impact by 2x, and generate granular impact allocations at the level of their individual products and services.
With these capabilities, Altruistiq is touted to be among the world’s most effective solutions for large enterprises that create or sell physical products involving significant purchases or distributions through global supply chains.
Using data generated by Altruistiq, leading UK recipe box provider, Gousto, is tackling decarbonisation on two fronts: suppliers’ farming methods and the mix of recipes and ingredients it sells. It is surveying its suppliers to get a better understanding of their carbon footprint and is looking to see how it can use Altruistiq to help its suppliers make their practices more sustainable, which would improve Gousto’s footprint in turn.
The company has surfaced insights using Altruistiq that allow it to reduce the carbon impact of its current recipes down to the individual ingredient.