VC firm Lightspeed Venture Partners has led a $13m (£10.2m) into Supercritical, a carbon removal marketplace.
Similar to CUR8 and Patch, businesses can use Supercritical to offset emissions by purchasing carbon credits.
“Carbon removal – in parallel with aggressive decarbonisation – is required to stay below 1.5C of warming and avoid the worst effects of climate change,” said Michelle You, CEO and co-founder of Supercritical.
Direct air capture, biochar, planting trees, enhanced weathering and bio-oil are currently offered to counteract users’ emissions on the carbon removal marketplace.
Joining Lightspeed in the London-based company’s Series A amongst others was RTP Global, Greencode Ventures and MMC Ventures.
Paul Murphy, partner at Lightspeed Venture Partners, said: “By focusing exclusively on carbon removal offsets, they are helping businesses invest in the places that will actually deliver climate impact while they work in parallel to decarbonise.”
“By aggregating demand, including through innovative future-proofing models, they are providing the resources that carbon removal projects need to scale in time.”
You previously co-founded Songkick, which was sold to Warner Music Group, with Ian Hogarth – recently appointed chair of the government’s AI taskforce – and Pete Smith on a Y Combinator programme.
While there, You worked with Supercritical’s other co-founder Aaron Randall, who was Songkick’s CTO.
Existing supporters of the startup include LocalGlobe, Peter Reinhardt, Yancey Strickler, Alice Bentinck and Gustaf Alströmer.
With the raise, Supercritical will expand its team, build out its product and look to acquire new customers.
Stability AI’s £89m funding round was also led by Lightspeed Venture Partners in October.
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