Unravel Carbon, the Singapore-based enterprise platform that helps companies track and reduce their carbon emissions including ‘Scope 3’ carbon emissions, announced today it has raised a $7.38M (SGD10M) Seed round. The company’s services include a SaaS decarbonization software and access to Unravel’s sustainability experts.
The round, which Unravel claims to be the largest Seed round ever raised by a ClimateTech software in Asia, was led by Sequoia India’s Surge. Participating investors include Alpha JWC, XA Network, Rebel Fund (a fund by Reddit’s Steve Hoffman, Instacart’s Max Mullen and Cruise’s Daniel Kan), Global Founders Capital, Google’s Bradley Horowitz and others; existing investor Amasia also returned.
The company, a fresh Y Combinator (YC) alum, is the first AI-powered decarbonization platform in Asia that converts any company’s accounting data into full supply chain carbon data in seconds, generates customised climate pathways to ‘net zero’ with climate solutions, and auto-populates regulatory disclosure reports. Its mission is to build Asia’s largest repository of enterprise carbon datasets.
Given that its first decarbonization engine is in Food & Agriculture, it already counts Temasek-backed SaladStop! (Asia’s largest salad chain), and Indonesia’s #1 grocery delivery startup, HappyFresh as clients. PropertyGuru (NYSE: PGRU), a unicorn in Asia is also using Unravel Carbon’s platform to get its carbon measurements done. Unravel has recently expanded operations into the Australia and New Zealand markets - both countries with strong regulatory expectations on disclosure of emissions and climate change risk exposure.
Its clients have already signed to use the platform in 8 countries across APAC. Unravel’s second engine targets to decarbonize Asia’s largest e-commerce tech platforms.
Cofounder and CEO Grace Sai said that Unravel provides an end-to-end climate platform to make it easy and exciting for companies of all sizes to be part of the climate change solution, rather than being overwhelmed by the jargon, cost and laborious nature of how it is currently done, “It is unlikely that we will achieve the goals set by the Paris Climate Agreement if only 10,000 out of over 400M companies globally are measuring their carbon profile, with even fewer reducing it. We need a product-led solution that allows for speed and scale towards decelerating the impacts of climate change.”
The Unravel Carbon platform aligns to globally recognised standards for emissions inventory development such as the GHG Protocol, ISO 14064 and uses calculation methodologies from the Intergovernmental Panel on Climate Change. The Unravel methodology and outputs will be interrogable and auditable - with supporting documentation for external assurance audits being automatically generated by the platform.
“Sustainability is at the core of SaladStop! especially when the food industry is responsible for 28% of global emissions. Partnering with Unravel Carbon means that we can decarbonize our operations, menus and even our branches to get to Net Zero. It was an easy decision on our part”, said Katherine Desbaillets, co-owner of the SaladStop group.
“Climate change is one of the world’s most pressing challenges and managing emissions starts with measurement. Scope 3 emissions, the indirect emissions in a company’s value chain, normally make up 85% of a company’s total emissions but are the most difficult to measure and manage. Not to mention, 70% of global supply chains have their origins in the Asia region”, shared Marc Allen, cofounder and Chief Sustainability Officer of Unravel.
The new round brings Unravel’s total raised since its inception in late 2021 to $8.75M. Its earlier pre-seed round only closed 3 months before its seed round and included YC and angel investors like Shopback’s cofounder Henry Chan; Rainforest’s cofounder JJ Chai, Syfe’s founder Dhruv Arora, 1880’s Luke Jones and TradeGecko’s Bradley Priest.
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