Axiance partner Ecologi raises $8 million in 202125.11.2021by Philippe Orfanides
The Bristol-based environmental enterprise and carbon offsetting platform Ecologi has raised a total of $8 million this year after a successful seed investment round of $5.75 million in Q2 with General Catalyst as the main investor, Techcrunch reports.
The project focuses on the protection of biodiversity, reforestation and impact initiatives around the world. Early this year, Axiance kicked off its operation swith the implementation of Ecologi’s Climate Positive Workforce programme.
An Ecologi profile for Axiance reports the number and location of trees planted and tonnes of carbon offset every month.
So far, Axiance has offset the equivalent emissions of 475 long haul flights or 1,534,747 miles driven in a car.
Ecologi works like Spotify and is definitely on the same ethical page, but with trees and zero-emission projects instead of music (or music rights). Founded only in 2019, Ecologi already projects it will end the year with a turnover of more than USD 11 million.
Used by 35,000 individuals and businesses, it allows them to finance tree-planting projects around the world as well as to offset their carbon footprint by funding zero or low carbon projects in emerging countries.
By partnering with UK-based social enterprise Ecologi and planting trees to offset the carbon footprint of its workforce, Axiance is stepping up for the crucial responsibility of protecting the environment and bringing sustainability at its core.
“Between April and June 2021, our subscribers funded 6,048,818 trees and 112,508 tonnes of verified carbon offsets. Our community’s tree total for this quarter is up 41% from the 4,279,818 trees funded in Q1 2021, and our volume of carbon credits funded is up 40% on last quarter’s 87,222 tonnes” the company announced.
Individual subscriptions represented a gross income of £437,842.58 in Q2 this year, and Climate Positive Workforce® subscriptions represented a gross income of £284,252.46.
Our total income from all subscribers and the marketplace was £1,333,403.26.
All the financial and project details can be found in all transparency on Ecologi’s Public Impact and Operations Ledger.
How does carbon offsetting work?
The carbon offset or contribution consists in supporting a project to reduce or sequester GHG emissions for which it is not directly responsible.
The impacts of these projects are measured and result in the creation of carbon credits, each representing one tonne of CO2 equivalent reduced or sequestered. These credits become the property of the financier and can be used as part of its climate strategy or certain of its regulatory obligations.
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