Today Spain’s ClimateTrade, the blockchain climate marketplace, announced it raised a European €7 million ($8m) pre-Series A funding round. Backers include Telefónica’s Wayra, SIX Fintech Ventures, ClearSky, Conexo Ventures, Borderless Capital, Algorand and others. Borderless previously invested €1 million in the company’s seed round in late 2020 and Algorand is the public blockchain that ClimateTrade uses.
The company plans to re-incorporate in Miami later this year, at which point it expects to raise an additional €13 million ($14.7m). It has more than 300 companies registered on its platform and its clients include Cabify, Banco Santander, Telefónica, state-owned postal service Correos and Telégrafos, and Prosegur. It plans to use the funds for international expansion.
We previously wrote about ACCIONA, the Spanish generator of renewable energy, that inked a deal with ClimateTrade in early 2020. The energy firm generates 24,000 Gigawatt hours of power annually. As part of the deal, ACCIONA provides the ClimateTrade marketplace with Certified Emission Reduction (CER) certificates – a type of carbon credit – generated by its plants in emerging countries such as Mexico, Chile, and Costa Rica. Banco Santander agreed with ACCIONA to use the CERs to offset 145,000 tons of the bank’s CO2 emissions.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
