Supercritical, a carbon removal marketplace focused on serving tech companies, secured $13 million in Series A funding led by Lightspeed Ventures.
Marketplace Aims to Address Carbon Removal Gap in Technology Sector
In a significant development for the tech industry, Supercritical, a carbon removal marketplace, has raised a substantial $13 million Series A funding round. The investment was led by Lightspeed Venture Partners, with participation from RTP Global, Greencode Ventures, MMC Ventures, and other investors.
Background on Supercritical’s Launch
Supercritical launched in August 2021, highlighting the embarrassing fact that the technology sector has a larger carbon footprint than the entire aviation industry. The startup aggregates business demand for cutting-edge carbon removal technologies, allowing companies to access innovative solutions that can scale beyond traditional methods like planting forests.
Supercritical’s Marketplace and Approach
The marketplace enables companies to purchase "fully-vetted and qualified" carbon removal credits at the level of the Science Based Targets initiative (SBTi) industry standard. This approach focuses on high-quality, durable CDR projects, including biochar, direct air capture (DAC), enhanced weathering, and afforestation.
Funding and Future Plans
The investment will be used to further develop Supercritical’s platform and expand its offerings. In an interview, the company’s founders stated that they plan to use the funding to enhance their technology, increase their team size, and build strategic partnerships with key industry players.
Growing Importance of Carbon Removal in Tech Sector
Supercritical’s success highlights the growing importance of carbon removal in the tech sector. As companies increasingly prioritize sustainability, there is a pressing need for innovative solutions that can effectively mitigate emissions. The startup’s marketplace approach addresses this gap by providing a platform for businesses to access and purchase high-quality CDR credits.
Market Competition and Innovation
The market for carbon removal solutions is heating up, with several startups emerging in recent months. CUR8, another UK-based company, has raised $6.5 million from GV for its market-making platform for carbon removals. This trend underscores the increasing interest in addressing climate change through innovative technologies.
Supercritical’s Leadership and Impact
Supercritical’s founders are well-regarded experts in their field, with a deep understanding of the complexities surrounding carbon removal. Their vision is to create a scalable and effective solution that can help tech companies reach net zero emissions. With this funding, Supercritical is poised to make a significant impact on the industry.
Conclusion
Supercritical’s $13 million Series A funding round marks an important milestone in the development of sustainable technologies for the tech sector. As companies increasingly prioritize environmental responsibility, startups like Supercritical are well-positioned to address the growing need for effective carbon removal solutions.
