Published by Todd Bush on October 13, 2023
SAN FRANCISCO--(BUSINESS WIRE)--CNaught, the first science-based and trust-centered seller of carbon credits, today announced a $2.25 million pre-seed round led by Greycroft. Additional participating investors include Carthona Capital, Long Run Capital and several angel investors.
Since 2004, businesses and individuals around the world have purchased more than 3.3 billion tonnes of carbon credits, spending an estimated $2B in 2021 alone. Today, the majority of Forbes Global 2000 Companies publicly state net zero goals, and 97% of them get there in part through carbon credits. The voluntary carbon credit market is predicted to reach $50 billion by 2030.
But the market is opaque, confusing, and inconsistent, with buyers afraid to purchase credits that underperform and leave them open to lawsuits and public criticism–both unacceptable risks for business purchasers with publicly-reported sustainability goals to meet. Unlike existing products, CNaught makes it easy for companies to purchase a blended, science-backed portfolio of carbon credits with flat, usage-based pricing. CNaught’s transparent approach, including deep project research and due diligence, enables companies to have confidence they are driving meaningful climate impact with their carbon credit purchases.
“CNaught was founded to get more companies off the sidelines by making the process of taking climate action as simple as possible,” said Mark Chen, co-founder and CEO of CNaught. “We provide an ‘easy button’ for carbon credits that allows customers to purchase a diversified, science-backed portfolio of carbon credits in minutes. CNaught gives them confidence that they are taking real climate action.”
Since its soft launch in April 2023, CNaught has retired more than 10,000 tonnes of carbon credits on behalf of dozens of customers. Those customers have also committed to thousands of tonnes of future credit purchases. Initial customers include Pure Insurance, DuckDuckGo, Homebound, Thrive Home Builders, Canopy, Hitch, and Zeelo.
“So many climate tech startups are purely vision-based, offering solutions that are years away from reality. CNaught offers impact now. They demonstrated product market fit early on, achieving impressive customer traction and revenue growth,” said Will Szczerbiak, Partner at Greycroft. “The team has decades of experience simplifying complex supplier marketplaces at Rev.com, Thumbtack and Uber, and it shows. They have built a simple to use product that solves a critical customer pain point. I believe CNaught is what companies and consumers want and what the climate needs, now.”
In the coming months, CNaught will expand its sales outreach globally to enterprises of all sizes and build on its momentum with partners who want to offer carbon offsetting to their end users. For more information on CNaught or to get started for free, please visit: https://www.cnaught.com/
Founded in 2022, CNaught is creating the easiest way to purchase a science-backed portfolio of trustworthy carbon credits. By making it easy to access reliable climate impact, CNaught is empowering companies across the homebuilding, transportation, retail and other sectors to achieve their climate goals faster. Learn more at cnaught.com.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🔧 America Bets Big on Blue Hydrogen: Inside the Engine Revolution Backed by Top Institutions 🤖 Bringing AI to Carbon Capture: How Imperial College is Revolutionising Plant Operat...
Inside This Issue 💰 Shell, Equinor, Totalenergies to Invest $714 Million in Carbon Storage Expansion 🚢 AiPs Obtained for Liquefied CO₂ Carrier Design and Floating Liquefied Storage Facility 🌱 Stoc...
Inside This Issue 🌍 Innovating the Future: Gautam Swami's Global Journey in Low-carbon Energy and Finance 🌊 Captura Announces Sale of Carbon Removal Credits and Strategic Partnership With Mitsui O...
EFM and Meta Collaborate to Advance Climate-Smart Forestry in Washington State
PORTLAND, Ore.--Yesterday, EFM, a forest investment and management firm, and Meta announced that they have finalized a groundbreaking long-term contract for the delivery of 676,000 nature-based car...
Carbon Direct Releases Criteria for High-Quality Marine CDR in Collaboration with Microsoft
New standards aim to support buyers and developers in advancing scientifically rigorous, scalable mCDR solutions Key Takeaways: New standards for marine carbon dioxide removal (mCDR) – Carbon ...
dynaCERT Applauds the Expansion of the Ontario Hydrogen Innovation Fund
TORONTO – dynaCERT Inc. (TSX: DYA) (OTC: DYFSF) (FRA: DMJ) (“dynaCERT” or the “Company”) applauds the recently announced changes of March 31, 2025, proposed for the Ontario Government Hydrogen Inno...
$28 million project financing, inclusive of the completed sale of the Investment Tax Credit associated with the project, returns cash back to Energy Vault's balance sheet for the first resiliency c...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.