The world’s first carbon accounting engine based in Sweden, Normative, has grabbed €31 million in Series B funding. The financing round was led by Blume Equity and saw participation from new investor Horizons Ventures (invested in wefox and Atomo Coffee) along with returning investors Future Five, ETF Partners and 2150. Prior to this, the company raised €10 million in Series A funding in October 2021.
Growth and expansion plans ahead
This funding will enable Normative to expand its service, which is already compliant and audit-ready, to more businesses and provide customers with highly accurate data on their supply chains to measure and reduce emissions.
Kristian Rönn, CEO of Normative said: “There is a real urgency for businesses to take genuine climate action, and genuine climate action is about getting the fundamentals right: what gets measured, gets managed. This is an incredibly important process, particularly when it comes to calculating scope 3 emissions. At Normative, we are building the most compliant and audit-ready product on the planet – making it easy for businesses to do the right thing. We’re thrilled to announce this latest funding round, which will enable us to continue our vital work.”
Michelle Capiod, partner at Blume Equity added: “Normative provides businesses with automated carbon accounting that is accurate, particularly related to the complexity of scope 3 emissions. Companies need to know and continuously track their emissions to future proof their business by removing carbon from their operations and maintain a competitive edge amidst incoming regulations. We are delighted to help support Normative as they rapidly scale up.”
New standard for emission accounting
Poorly measured emissions are bad for the planet and bad for businesses that need to comply with strengthening carbon disclosure regulations. Reportedly, companies estimate an average error rate of up to 40% in their manual emissions measurements resulting in a huge accuracy gap in current reporting.
This is where Normative, the world’s first carbon accounting engine comes into the picture. It helps businesses calculate their entire climate footprint and reduce their greenhouse gas emissions.
Founded by Kristian Rönn, Adam Wamai Egesa and Robin Undall-Behrend in 2014 in Sweden, Normative is capable of assessing a company’s social and environmental impact automatically by analysing its purchases, using artificial intelligence combined with the world’s largest sustainability research database. Its goal is to make the social and environmental cost of every purchase in their economy transparent.
Powered by its market-leading emissions database, Normative sets a new standard in scientific accuracy for emissions accounting. The company partners with leading climate change organisations, including the UN, to deliver actionable sustainability intelligence.