Götaland, Sweden-based CarbonCloud, a climate-tech SaaS solution for the food industry, announced on Tuesday that it has secured €7.5M in a Series A round of funding led by Cusp Capital and Peak.
Rivus Ventures, Maki VC, and TS Ventures also participated in the round.
CarbonCloud says it will use the funds to expand its market position as the leading climate intelligence platform.
“Google has built the search graph, Facebook built the social graph, and CarbonCloud has built the food graph,” says David Bryngelsson, Ph.D., CEO and founder of CarbonCloud.
“We have witnessed the food industry waste valuable resources searching for supply chain emissions data but this network problem can only be solved digitally,” he adds.
CarbonCloud: Food industry’s climate intelligence platform
Founded in 2019 by climate researchers and software entrepreneurs, CarbonCloud is a research-based food-tech startup with a web-based SaaS solution that enables detailed calculations of the climate footprints of food products and production processes.
The Swedish firm maps out a digital twin of the food supply chain for each product in a portfolio – from agriculture up to retail – enabling decision-makers to respond to consumer demand.
Consequently, it enables food producers globally to calculate and analyse the climate footprints of their product portfolios at a fraction of the cost and time spent on traditional consultancy-based life-cycle assessments.
By automating the manual life cycle assessment, the platform enables various stakeholders throughout every organisation, including Dole Sunshine Company and Oatly in the food industry, to target, track and improve climate performance.
CarbonCloud says its solution can help the entire food industry increase transparency throughout the supply chain, in real-time, and at every operational level.
The Investors
Cusp Capital is a venture capital firm focused on European software and technology.
The fund invests in early-stage companies on the cusp of redefining their industries by channelling new socioeconomic and technological paradigms.
Over the last decade, Cusp Capital has invested more than €400M in companies such as Zalando, Delivery Hero, Klarna, Scalable Capital, and data Artisans.
“One of the core beliefs behind our investment was that industry-specific solutions will ultimately become the winning climate intelligence platform vs. industry-agnostic approaches,” says Jan Sessenhausen, General Partner at Cusp Capital.
“We consider CarbonCloud’s data and calculation model to be superior to its competitors and are happy with the overall development since our initial investment in 2021,” adds Sessenhausen.
Peak is an early-stage venture capital fund investing across Europe from its offices in Amsterdam, Berlin, and Stockholm.
For the past 15 years, Peak has specialised in SaaS, marketplaces, and platforms.
Allocated over five funds, Peak has invested in over 50 companies like Catawiki, Hygraph, StuDocu, Circula, Channable, Trengo, Breyta, Creative Fabrica, Blidz, and CarbonCloud.
Stefan Bary, Managing Partner at Peak, says, “CarbonCloud provides this with unrivalled consistency and detail: It takes mere seconds to establish the climate footprint of a food product while everyone else needs months to get a fraction of the results. The platform delivers value quicker and on a more granular level than any competitor.”
