Singapore-based ClimateTech enterprise Ureca closes its successful pre-seed funding round, raising US$1.5 million to scale its operations and develop its blockchain carbon offset model.
Rapid climate change has drawn many entrepreneurs to innovate in sustainability solutions. As the stakes become higher than ever before, combating the climate crisis in the digital realm is Ureca, a ClimateTech startup headquartered in Singapore that is developing a blockchain-powered carbon offset marketplace. Their solution aims to offer offset credits for businesses to mitigate their carbon footprint through transparent and accessible transactions.
Recently securing US$1.5 million in its pre-seed funding round, exceeding the startup’s US$1 million target, Ureca deems it essential to strengthen its climate change framework and objectives to align with global standards. The amount raised will support and accelerate Ureca’s carbon offset marketplace development, and scale its operations further across Southeast Asia.
Their marketplace is set to launch in early 2023, educating businesses and individuals on carbon offsetting, while allowing them to virtually trade high-quality credits.
Founded in 2021 by Orchlon Enkhtsetseg, Zolbayar Jargalsaikhan, Unurbat Erdenemunkh, and Amar Baatartsogt, Ureca’s brings together the entrepreneurs’ diverse backgrounds and expertise in the FinTech, software engineering and administrative fields.
Orchlon Enkhtsetseg, the Co-founder and CEO of Ureca, said, “We believe that the level of funding we received from so many investors indicates strong confidence and interest in Ureca business model and mission to empower and mobilise grassroots participation to take climate action on a more global scale.”
Ureca’s blockchain carbon offset model intends to offer digital measurement, reporting, and verification (MRV) services, enabling individuals and SMEs to assess their carbon footprints, make the necessary shift to clean energy, and eventually generate and sell their offsets, to then acquire authentic certifications.
Extending its offerings beyond carbon offsetting, the platform will support the integration of various clean technologies, from rooftop solar panels to large wind farms, and more.
Demonstrating great ambition to expand the integration of the new technology into its other carbon offset projects, the ClimateTech startup stated, “The company is already working on energy efficiency programs and is exploring moving into nature-based solutions. Ureca will use a combination of technology and fieldwork to ensure that the verified credits listed on its marketplace are of high quality and meet the most stringent requirements.”
“This pre-seed investment round positions us to be able to get more people involved in the fight against climate change and will enable us to become a leading climate tech player in the region,” Enkhtsetseg added.
Featured banner image credit: ureca.com