California-based CNaught, the first science-based and trust-centered seller of carbon credits, announced that it has secured $2.25M (approximately €2.11M) in a pre-seed round of funding.
The investment was led by Greycroft. Additional investors participating in this round include Carthona Capital, Long Run Capital and several angel investors.
“Carbon credits you can trust”
Since 2004, the global market for carbon credits has grown significantly, with over 3.3 billion tonnes purchased, amounting to $2B in 2021 alone. Many major corporations, including 97 per cent of Forbes Global 2000 Companies, use carbon credits to achieve their net zero goals.
However, the market is complex and risky, making it difficult for businesses to navigate. This is where CNaught looks to make a difference.
CNaught offers a solution by providing companies with an easy way to purchase a diverse, science-backed portfolio of carbon credits. The company’s transparent approach, backed by thorough research and due diligence, gives businesses confidence in their carbon credit investments, ensuring meaningful climate impact.
Mark Chen, co-founder & CEO of CNaught says, “CNaught was founded to get more companies off the sidelines by making the process of taking climate action as simple as possible.”
“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 CNaught’s soft launch in April 2023, it has retired over 10,000 tonnes of carbon credits for customers like Pure Insurance, DuckDuckGo, and Thrive Home Builders.
Will Szczerbiak, Partner at Greycroft says, “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.”
“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,” adds Szczerbiak.
Looking forward, the company plans to expand its global sales to businesses of all sizes and collaborate with partners to offer carbon offsetting solutions to their customers.
Brief about CNaught
Founded in 2022 by Mark Chen, Dan Kokotov and Steven Siger, CNaught is simplifying the process of purchasing reliable and science-backed carbon credits.
The company enables businesses in various sectors, including homebuilding, transportation, and retail, to swiftly achieve their climate goals by accessing trustworthy carbon credits.
CNaught’s mission is to empower companies by providing an effortless way to make a meaningful climate impact.