London climate-tech bags £15m to make businesses more sustainable

25 Jul 2022

The Altruistiq team. Image: Altruistiq

Altruistiq is an SaaS platform aimed at helping companies with complex supply chains manage emissions data and avoid ‘greenwashing’.

Molten Ventures has led a £15m seed funding round in London-based climate-tech start-up Altruistiq.

Altruistiq is a SaaS platform that is helping large and complex enterprises to automate sustainability data measurement, management and exchange.

Its abatement engine aims to help companies with accurate data reporting, supply chain integration and, ultimately, carbon emissions reduction.

“In recent weeks, we’ve seen a big shift to embrace the ‘carbon accounting’ space,” said Altruistiq CEO and founder Saif Hameed.

“It’s a helpful tailwind, but the use of high-level calculations and generic emissions factors leaves organisations open to charges of greenwashing. We’re seeing this create a real erosion of credibility for even very well-intentioned brands.”

Hameed, who founded the company last year, said that “processing raw operational data in a traceable way” using data tools available today can give businesses an understanding of their actual impact “while also enhancing their credibility in sustainability”.

The seed round was led by Molten Ventures, one of Europe’s most well-known technology-focused firms, which changed its name from Draper Esprit last November. Listed in Dublin and London, Molten Ventures has backed European unicorns such as Revolut and Aircall.

Other backers in Altruistiq’s latest round include Norrsken, Greg Jackson, Mudassir Sheikha, Sir Ian Cheshire, Nicolaj Resstruf and Siraj Khaliq.

Since its founding, the start-up has bagged some big clients including Gousto, Octopus Energy, Rubix, Meadow Foods and Lush Cosmetics.

“Altruistiq is already proving the power of its platform, which we believe can be the category leader of a rapidly evolving market,” said George Chalmers, head of climate at Molten Ventures.

“There is an increasing need and demand for a carbon abatement solution to go beyond just reporting and Altruistiq is in a strong position to meet those needs.”

10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.

Vish Gain is a journalist with Silicon Republic