Connect Earth, an environmental data startup based in London, has secured $5.6m (£4.5m) in funding as it looks to grow its sustainability tools for financial firms.
Founded in 2021, Connect Earth has created a platform for financial firms to track their carbon footprint and monitor the environmental impact in their decision-making.
Connect Earth plans to use the funding to develop new products for financial institutions to better understand their sustainability data.
“Decarbonisation initiatives in the financial sector are growing rapidly which is why we need to further scale our product offering to help financial institutions measure and reduce the emissions of their customers,” said Alexander Lempka, co-founder and CEO of Connect Earth.
Nick Carmont, CTO at Connect Earth, added: “We are planning to launch several new products that will break down the barriers to accessing environmental data and tools.
“We aim to bring carbon footprint data into the daily lives of millions of people so that environmental action becomes widely accessible.”
The seed round was led by Gresham House Ventures and featured participation from Love Ventures, Global Brain Corporation, Portfolio Ventures and Super Capital.
Existing investors Market One Capital, MSM Fund, and Venista Ventures also joined the round.
“Connect Earth is solving two significant issues for financial institutions. Firstly, facilitating products and features that provide end-users insights into their carbon footprint improves customer acquisition, engagement, and retention,” said Benjamin Faulkner, associate director at Gresham House Ventures.
“Secondly, extensive regulatory tailwinds such as TCFD and SFDR require financial institutions to materially improve disclosure of their carbon footprints across value chains.”
Connect Earth’s last funding round was in March 2022, when the company raised £1.3m.
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