Sydney-based envirotech startup Pathzero is the latest startup to support a round of additional funding a year or more later, adding another $8.6 million to what it’s calling a Series A+.
The company previously raised $6.8 million in October 2021, bringing the total for its Series A to $15.6 million.
VC Carthona Capital again led the round, with Antler Australia again participating, as did Clyde Bank Holdings.
The Sydney software startup launched in 2020 during the Covid lockdowns and raised $1 million in October of that year in a Seed round backed by Antler, Black Nova Group, former bank boss Brian Hartzer, climate campaigner Simon Sheikh and former Australian Ethical Investment CEO Phil Vernon.
Pathzero is one of several carbon measurement and data start-ups launched in recent years as the world focuses on a net-zero target for 2050 and seeks to cut emissions sooner.
Yesterday, carbon management startup Arvani announced it had raised $3 million less than 12 months after launching to help companies measure “scope 1, 2 & 3” emissions.
NAB Ventures backed Greener in a $4 million Series A in October as it appears to be helping small businesses on their path to net zero emissions. The start-up’s business model simplifies the decision-making process to reduce and offset emissions for both sides of the retail industry.
Pathzero’s clients include asset managers and pension funds such as StepStone, HESTA, and Carthona Capital, which help them track the emissions of portfolio companies.
Yesterday federal treasurer Jim Chalmers has released a consultation paper on the development of an Australian climate risk disclosure framework.
The Albanian government wants to tackle the ‘greenwashing’ of companies.
Chalmers said the internationally aligned framework will provide companies and investors with the clarity and certainty they need to manage climate risks and invest in new opportunities.
“It will ensure that major companies and financial institutions provide more information and more transparency about how they respond to climate change and support the transition to net zero,” he said.
“The government will consult closely with industry, financial regulators and other stakeholders to develop an approach that is fit for purpose and ensures Australia is well positioned in global markets.”
The consultation is now open and submissions close on 17 February 2023.
Details on the public consultation process can be found on the Treasury website.