New Zealand carbon footprint management fintech Cogo, which partners with banks to help their clients measure and reduce their carbon impact, has raised NZ$1 million (A$910k) from existing impact investor Soul Capital.
Souls NZ$20 million’Te Pae ki te Rangi’ Fund is aimed at helping Kiwi startups with their global expansion.
Cogo currently operates in 12 countries in Europe, Australasia and North America, with 16 client banks, including NatWest (UK), ING Group (Netherlands) and Australia Westpac, CBA and suncorp, of kiwi bank a recent login.
The CO2 emission data is derived from bank payments such as electricity and fuel calculate the carbon footprint of individuals and companies alongside personalized recommendations on ways to reduce it.
Founder Ben Gleisner said the new capital will help further expansion to North America, Southeast Asia and other areas.
“Carbon footprint integration is fast becoming a strategic priority for businesses as customers seek ways to make more sustainable purchasing decisions and reduce their impact on the climate,” he said.
“Cogo has ‘the right product; at the right time’ when we come to the collective realization that we only have one planet; and that its future depends on what we do today.”
Soul Capital founder and CEO Jamie Newth said they had previously supported the startup through their impact fund impressed with the progress of the startup.
“We want to invest in companies that meet our high impact threshold; companies with the potential to have a positive systemic impact on our biggest social and environmental issues,” he said.
“Cogo’s focus on empowering hundreds of millions of individuals and businesses around the world to become more aware of the impact of their spending on people and the planet is a great example of the kind of systemic change we need. Many markets are poised for dramatic shifts towards sustainability if the right tools are in place and Cogo is well positioned to be a leader in this area.
“Te Pae ki te Rangi can be translated as ‘from the horizon to the sky’ and refers to the ambition of those we invest in. We are excited to see Cogo deliver on this vision.”