We are excited to announce that we have raised $3 million from Global Founders Capital, Blue Bear Capital, Keiki Capital, AlumniVentures and a number of incredible angel investors to supercharge the next phase of growth for Abatable after spending the summer in great company with the S21 batch of YCombinator.
Thanks to the support of our investors, we are in a perfect position to deliver on our mission to help connect companies with high quality carbon projects. The funding will allow us to continue building our platform, expand our team across functions, reach and partner with more carbon project developers and onboard an increasing number of companies with net zero goals.
Our journey so far
We started Abatable to help companies offset their hard-to-abate emissions to achieve their science-based targets for net zero, while supporting the development of new offsetting projects through solutions for carbon project developers (we actually wrote a full post on why we started Abatable).
We have since met with corporates who want to be part of the solution to climate change but don't have the tools and resources to understand how they can be most effective and best aligned with scientific guidance. We have met with project developers who need better access to project financing and long-term carbon procurement commitments to scale their pipeline of projects to cope with fast-growing demand for carbon credits. We have met with investors who are keen to dedicate capital to solving climate change but lack the know-how to evaluate potential investment opportunities and how to mitigate some of the risks.
Our platform plays a central role between corporates, project developers and investors. It allows project developers to secure reliable long-term financing to confidently start new projects and grow existing ones. It allows investors to channel their funds into credible projects. It allows companies to run a smooth carbon procurement process with a focus on high quality carbon offsets that meet their impact goals and constraints.
What comes next
As COP26 unfolds, we see an increasing number of net zero commitments announced which will continue growing the demand for carbon offsets exponentially, and we are already seeing the effect of increasing carbon prices. High quality, science-aligned carbon offsets are scarce in supply and more needs to be done to effectively channel capital into new project development.
Our funding round allows us to continue building our platform, specifically focussing on the long-term carbon procurement needs of our customers. As carbon prices continue to increase and the supply of carbon credits remains constrained, more companies will be looking ahead several years like Microsoft and Stripe have already done.
We will also be expanding our team to support our next phase of growth. We have already welcomed two new hires, with two more joining us in the coming months, but still have a few roles open for candidates (shameless hiring plug).
We are excited to embark on the next phase of growth for Abatable and we want to thank our investors and early customers for their vote of confidence in us. If you're interested in partnering or working with us, drop us a line at hello@abatable.com.
