Normative develops carbon dioxide accounting software to help companies calculate their climate footprint and reduce greenhouse gas emissions.
The Swedish climate technology company Normative has raised EUR 10 million from some of Europe’s largest climate technology funds, 2150 and ETF Partners. Existing investors Lowercarbon Capital, ByFounders and Luminar Ventures also participated in the round.
Normative uses automation software to calculate emissions from companies, and provides insights and guidance to companies on how to reach zero. It has hundreds of customers and works with organizations including the UN. Normative is also a software provider for the UK’s SME Climate Hub, through which thousands of companies have committed to net zero carbon emissions.
The Stockholm-based software-as-a-service company was founded in 2014.
Co-founder and CEO Kristian Rönn called on business leaders to take steps to reduce their carbon footprint ahead of the UN climate conference COP 26, which will take place in Glasgow later this month. Earlier this year, the UN’s climate science body published a report warning of the serious consequences of the climate crisis.
“But companies must also be pragmatic and realize that it is good business-wise to remove carbon dioxide in their operations and supply chains. The cost of coal is a huge responsibility in your balance sheet and you must act for your company to survive, says Rönn, who left his job of analyzing global risks at the Future of Humanity Institute at Oxford University to start Normative.
“If we want to slow down global warming fast enough to keep the world safe, we need to start comparing apples to apples so that markets, employees, consumers and regulators can hold companies accountable for their real emissions.”
Normative launches a free startup plan in partnership with Google.org to give companies access to accurate carbon accounting tools.
“We are building cloud software and AI to close the technology gap that prevents most companies from starting to take climate action,” says Rönn.
Jacob Bro, partner and founder of Investors 2150, added: “Carbon dioxide accounting is the first truly global software vertical in climate technology and we are seeing an accelerating demand as millions of companies realize that measuring, reporting and managing their carbon footprint is a necessity to remain competitive and compliant. . ”
He said his organization was pleased to support Normative’s work on this “new category”.
Fabrice Bienfait, partner at ETF Partners, added: “Companies know that they need to have better and more accurate information about their emissions, both for compliance purposes but also for them to have a credible plan to get to zero. We are very happy to join Kristian and his team to make Normative the norm for carbon dioxide accounting. ”
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