Australia-based GreenTech startup Pathzero secures an additional US$5.8 million in its series A funding round extension, led primarily by Carthona Capital.
Measuring and tracing carbon footprints has become a common practice for modern businesses, to keep an alignment with Environmental, Social, and [Corporate] Governance (ESG) frameworks. Acknowledging demand in the area, Australia-headquartered Pathzero has established a corporate emissions measurement platform, helping companies build their carbon portfolios. The platform is designed to securely retain data in order to generate a thorough carbon report that complies with global calculation standards.
The GreenTech firm recently announced the closure of its extended series A funding, securing an additional US$5.8 million, raising its total to US$10.5 million. The fundraiser was primarily led by Australia’s leading venture capital enterprise and Pathzero’s existing client, Carthona Capital, a thematic venture capital firm investing in global impact startups, with participation from Clyde Bank Holdings, Antler, along with other angel investors.
Founded in 202o by serial entrepreneurial duo Carl Prins and Charbel Ayoub, the platform has since aided multiple large corporations, as well as financial institutions, assisting them in measuring, managing, and revealing their organisation’s emissions for their investment portfolios.
Its GreenTech tool, Pathzero Navigator, allows companies to report their carbon emissions, which has currently been adopted by StepStone, Carthona Capital, as well as Hesta, one of Australia’s expansive superannuation funds. The platform currently has over 142 million tonnes of emissions under its governance, and foresees increasing its target to 1 billion tonnes.
Dean Dorrell, a partner at Carthona Capital commented, “We have every confidence in what their tech offering brings to the wider financial industry and are proud to be early adopters of their services ourselves. As regulation intensifies across sectors, we are looking forward to the years ahead as monitoring and reducing financed emissions becomes second nature to financial institutions.”
Pathzero tracks the three key carbon emissions scopes in accordance with global measurement and reporting standards, including Greenhouse Gas Protocol, and Partnership for Carbon Accounting Financials (PCAF). Financial institutions and portfolio companies can set carbon emissions targets through the platform, and additionally perform scenario analysis to ensure their actions and objectives work in alignment with the Paris Agreement.
Pathzero has further declared its plans to employ the recent funding for developing new products, while scaling its GreenTech solution.
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