Stockholm-based Normative, a carbon accounting platform, announced on Thursday that it has secured €31M in a Series B round of funding led by Blume Equity.
New investor Horizons Ventures also participated in the round along with existing investors Future Five, ETF Partners, and 2150. The announcement comes nine months after the company raised €10M last October.
Normative says the funding will help it to expand its service to more businesses and work on providing customers with highly accurate data on their supply chain to measure and reduce emissions.
To reach net zero, companies need accurate and actionable insight into their carbon emissions. However, according to the Swedish company, current carbon accounting and reporting is a mess.
Equipped with incomplete or inaccurate data, companies are making false claims about what they’re doing to cut emissions, says the company. Here’s where Normative aims to make a difference with its carbon accounting engine.
How was Normative born?
In 2013, Kristian Rönn, co-founder of Normative, was working at Oxford University, simulating the consequences of climate change.
The results showed that global warming would cause extreme human suffering, motivating Kristian to leave academia and take action.
In 2014, Rönn joined forces with Adam Wamai Egesa and Robin Undall-Behrend to start the world’s first carbon accounting engine to help humanity achieve net zero emissions and reverse the trajectory of climate change.
Kristian Rönn, CEO of Normative, says, “There is a real urgency for businesses to take genuine climate action, and genuine climate action is about getting the fundamentals right: what gets measured, gets managed. This is an incredibly important process, particularly when it comes to calculating scope 3 emissions, which is why we at Normative are building the most compliant and audit-ready product on the planet – making it easy for businesses to do the right thing. We’re thrilled to announce this latest funding round, which will enable us to continue our vital work.”
Normative: What you need to know
Normative says its carbon accounting engine helps businesses calculate their entire climate footprint and reduce their greenhouse gas emissions.
Powered by its emissions database, Normative claims to set a new standard in scientific accuracy for emissions accounting.
The company partners with leading climate change organisations, including the UN, to deliver actionable sustainability intelligence.
By engaging suppliers to reduce emissions, businesses will have a positive impact on their own carbon footprint and their suppliers’, enabling an economy-wide net zero transition, says the company.
Blume Equity is a growth equity advisory firm focused on partnering with sustainable, technology-enabled companies. It partners with entrepreneurs across Europe who are solving some of the biggest challenges of our time to create a more sustainable world.
Michelle Capiod, Partner at Blume Equity, says, “Normative uniquely provides businesses with automated carbon accounting that is accurate, particularly related to the complexity of scope 3 emissions. Companies need to know and continuously track their emissions, so they can take action to future proof their business by removing carbon from their operations, as well as maintain a competitive edge amidst incoming regulations. We are delighted to help support Normative as they rapidly scale up.”