NEW YORK, Sept. 21, 2022 /PRNewswire/ -- Climate tech start-up Ecologi has announced plans to expand to North America, as part of its ambition to become the end-to-end platform for climate action.
Since launching in 2019 Ecologi, through its 37,000 members, including 15,000 businesses, has planted close to 50 million trees and offset over two million tonnes of verified carbon - effectively avoiding 3.9% of New York's annual emissions in 2021 from entering our atmosphere.
Through its platform, the social enterprise helps businesses and individuals get started on their path to net-zero by subscribing to quality climate solutions. This includes reforesting the Appalachian mountains, funding fuel-efficient cookstoves in Tanzania, and protecting lowland peat forest in Indonesia.
The platform will soon offer a new 'pay-as-you-go' marketplace, where customers can fund projects including ocean conservation and biochar, one of the most effective natural carbon removal methods.
Launching in the US follows an impressive growth journey for the business this year. In Q2 2022, Ecologi posted Annual Recurring Revenue growth of 200%, as demand from businesses grows for trusted, accessible and effective climate impact. And as revenue grows, Ecologi's impact grows with it: over 80% of the B-Corp's profits go directly into funding climate action projects around the world.
Ecologi has so far raised nearly $10 million in capital, with backing from General Catalyst and Entree Capital, who have launched many of the world's leading tech brands, including AirBnB and Stripe. The B-Corp is currently working towards its Series A round.
Climate tech now accounts for 14 cents of every venture capital dollar, according to PWC. The industry is soaring in Europe: last year, investors poured in $10bn, up from $5.4bn in 2020. Silicon Valley Bank reported that US VC investment in climate tech increased 80% between 2020 and 2021, reaching $56 billion.
As demand for climate tech soars, Ecologi is currently onboarding businesses to its new freemium net-zero carbon footprinting software tool. Fully launching in 2023, Ecologi Zero will remove the cost, technology and skills barriers to carbon footprinting. Small and medium-sized businesses will be able to measure their footprint for free and set targets for reducing their emissions - the majority of which will be through their supply chains.
Ecologi North America will be overseen by Derek Mauk as President, who previously led growth strategies for household brands and beverages at Procter & Gamble and Annheuser-Busch InBev, and spearheaded sustainability at Drinkworks by Keurig.
Commenting on the expansion to the US, Elliot Coad, CEO, says: "With extreme weather and climate catastrophes happening across the globe on an increasing basis, taking collective action against climate change has never been more urgent. Demand from businesses is huge, with many increasingly wanting to be part of the solution. Net-zero is the ultimate goal, but we know that many businesses are overwhelmed by the scale of the challenge. That's where we see a real opportunity for Ecologi in this new market. By helping businesses to take their first steps on the journey, we hope to break down the barriers - making funding climate action trustworthy and tangible. The window to act is narrowly closing, but if we can leverage the world's supply chain network to create a viral loop of climate progress, we could see massive impact in a short period of time."
As Ecologi attends its first Climate Action Week NYC, Derek Mauk, President, Ecologi - North America adds: "Climate action is firmly on the agenda of most businesses around the world, and in North America the appetite from business leaders to do something has never been higher. The Nest Summit, which brings together business leaders from around the world, is testament to this. At Ecologi, we're already seeing around 500 businesses sign up to our marketplace every month, and we're planting close to a million trees every fortnight. As we scale up, so too does the positive impact we can have on our planet: in three years, we expect to be planting a million trees a day. I'm excited to see what Ecologi can achieve in North America, as we work towards tackling the world's Greenhouse Gas Emissions while funding impact-driven climate projects."
Ecologi has recently secured its first US customers in beauty product brand Sky Organics and smart lawn sprinkler company Rachio.
Dean Neiger, Chief Sustainability Officer at Sky Organics, says: "At Sky Organics, we believe that becoming more sustainable is a responsibility we have to our customers, our team members, and of course our planet. And as leaders in organic beauty, we must lead by example. As founder of the brand, I want to make sure that our sustainability initiatives touch every aspect of what we do, which is why 100% of my time is now focused on sustainability. While many initiatives I'm working on take months and even years to implement, we are thrilled to collaborate with Ecologi because it is such a simple, yet effective way to join with our customers to immediately start making an impact in the universal fight against global warming."
For more information on Ecologi visit https://ecologi.com
Notes to EditorsAbout Ecologi:
Ecologi is the market leader in collective climate action. The B-Corp social enterprise runs a subscription service to reverse climate change, funding projects from carbon reduction to reforestation. Its mission is to reduce half of the world's projected greenhouse gas emissions in 2040 by 2040. Through its 35,000 members, including over 15,000 businesses, Ecologi has funded the planting of close to 50 million trees around the world, and reduced over 2.2 million tonnes of CO2e through certified carbon avoidance projects. In 2022 it was listed in the top 5 per cent of B-Corps globally, in the Environment and Governance categories.About Sky Organics:
Sky Organics, one of the fastest growing natural brands, is dedicated to showing consumers that living a natural lifestyle can be easy and beautiful with the help of clean and organic essentials. Products are available nationwide including Amazon, CVS, Natural Food Stores, Rite Aid, Walgreens, Walmart and Whole Foods, among others. Sky Organics products are thoughtfully made using ethically sourced, good-for-you ingredients, and are not tested on animals.
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SOURCE Ecologi