Environment Services Provider Climes Raises $1.2 Million Funding
Raised funds would be used to build digital infrastructure and incentivise market players
Climatetech company Climes announced that they raised $1.2 million in their first round of funding. The first round saw participation from Sequoia Capital India, Kalaari Capital, Nithin Kamath (Zerodha, Rainmatter), and Avaana Capital. Other notable participants in the round include Satyen Kothari (Cube Wealth) and Anshuman Bapna (Terra.do) from Stanford Angels, Keshav Reddy (Reddy Futures), and Arjun Gupta (Smart Joules) & Akshay Singhal (Log9 Materials) among others. Founded in 2021, the startup founded by Anirudh Gupta and Siddhanth Jayaram, partners with consumer brands that want to go climate-friendly.
On the announcement, co-founders Anirudh & Siddhanth said, "Finance is the single biggest lever to solve climate change. Fantastic projects and solutions for carbon mitigation exist all around us. However, the finance needed to scale these projects is simply not flowing fast enough."
The company is building an engine that accelerates the flow of fresh capital towards climate solutions by making it convenient for brands and individuals to take meaningful climate action. Since its inception, the company has partnered with brands like MakeMyTrip, Zingbus, and TEDx.
With this capital raise, Climes is aiming to build the necessary digital infrastructure to enable a big chunk of this money to flow transparently and design the right incentives for all market players to benefit.
On his investment, Nithin Kamath, Founder & CEO, Zerodha & Rainmatter, said, "The ideal solution towards climate change problems is to reduce consumption which may not be possible at all times. Making people aware of their carbon footprint and then making it available to offset maybe a good mid-way path. We are excited to be a part of their journey and learn ourselves along the way."