Amsterdam-based Coolset raises €1.5M to help SMEs reduce greenhouse gas emissions

Amsterdam-based Coolset (formerly Greencast.io), announced on Monday the launch of its new automated decarbonisation platform for SMEs. 

The new platform makes employing pricey consultants or using Excel-based tools unnecessary by enabling SMEs to measure, analyse, reduce, and eliminate their carbon impact in just a few weeks.

Additionally, the company also announced that it has secured €1.5M in a Seed round of funding.

Investors in this round

The round was led by Global Cleantech Capital and joined by first investors Shamrock Ventures, Horizon, and The Sharing Group. Various Angel investors also participated in the round.

Paul Kloppenborg, a managing partner at Global Cleantech Capital, says, “The cost-efficient solution is truly unique, and Coolset enables SMEs – which typically are not served by big consultants selling hours – to accelerate their journey towards net zero emissions.”

Kloppenborg adds, “Coolset has the potential to revolutionise the way these companies approach decarbonisation, effectively future-proofing the economy of the future. We have been impressed with Coolset’s rapid growth and are thrilled to be a part of their journey.”

About Coolset

According to the EU Corporate Sustainability Reporting Directive, more than 50,000 companies in Europe will have to report on their sustainability by 2024. 

However, most current options are too complicated and geared toward big companies to be useful for 80 per cent of all businesses worldwide.

Founded in 2021 by Konstantinos Kouzelis and David Sigley, Coolset closes this gap by giving startups and SMEs a simple and effective solution that helps automate decarbonisation efforts.

Its tool helps organisations measure, analyse, reduce, and offset their greenhouse gas emissions across Scope 1, 2, and 3. It also allows users to track their carbon footprint, set reduction targets, and identify opportunities for improvement.

• Scope 1 pollutants come directly from sources that the group owns or controls, like company-owned cars and natural gas. 
• Scope 2 emissions come from the production of heat, steam, or energy that has been bought.
• Scope 3 emissions include all other indirect emissions produced by a company’s operations but coming from sources outside the authority or ownership of the company, such as refuse disposal, software, and staff travel.

Currently, Coolset supports customers across industries such as Lepaya, HelloPrint, and MyWheels, among others.

Coolset is also part of Stripe Climate, a coalition of businesses accelerating carbon removal. A fraction of every purchase from Coolset helps new carbon removal technologies scale.

Capital utilisation

Coolset says it will use the funds to expand its features, which enable users to plan scenarios, establish benchmarks, and produce practical decarbonisation strategies across scopes 1, 2, and 3. 

The funds will also help hire personnel across engineering, sales, and marketing.

Kouzelis says, “We are thrilled to launch our new automated decarbonisation platform and to have secured funding to help us expand our team and accelerate our growth.”

“We believe that businesses will need to deploy digital solutions to advise them on their optimal net-zero pathways, and our platform provides a simple and effective way for SMEs to do this.”