It’s a case of climate tech and crypto with Altruistiq and Copper nabbing funding in London.
Molten Ventures has led a £15 million seed funding round in climate tech company Altruistiq.
According to Sky News, Barclays is among a crop of new investors joining an undisclosed funding round for cryptocurrency firm Copper, which counts former chancellor Lord Hammond among its advisers.
Altruistiq in the Top Ten
Altruistiq offers a platform – an “abatement engine” – for large enterprises to automate sustainability data measurement, management and exchange. The startup was founded in 2020 and is looking for profits in the competitive world of decarbonisation services.
The funding round included support from Norrsken and industry advisors such as Greg Jackson, Mudassir Sheikha, Sir Ian Cheshire, Nicolaj Resstruf and Siraj Khaliq.
According to Molten, the raise makes Altruistiq one of the top ten best-funded climate software companies globally at this stage.
Targeting businesses, primarily in the retail, food & beverage, logistics and fashion & textile industries, Altruistiq’s clients include DANX, Gousto, Octopus Energy, Rubix, Meadow Foods and Lush Cosmetics.
Many other UK tech startups have sensed an opportunity in the world of sustainability. In a variety of scoops, eWeek UK discovered SDG Assessment in West Sussex, ReforestPay’s tree-loving launch; carbon insurer Kita; sustainability data platform Supernova; and Expect’s decarbonisation management platform.
Coins for Copper
Copper sees itself as an institutional gateway to digital asset investing. The fintech firm provides custody, prime broking and settlement services to institutional investors.
Sky News explains that Barclays is taking a $2 billion (£1.66 billion) stake in Copper, even as the industry continues to be hit by job cuts and bankruptcies.
City sources said Barclays was expected to invest a relatively modest sum in the millions of dollars as part of the round. The fundraising is expected to be finalised within days.
The company, founded by Dmitry Tokarev in 2018, has drawn investors from big names in the global venture capital sector, such as LocalGlobe, Dawn Capital and MMC Ventures.
It was reported earlier this year to be targeting a valuation of at least $3 billion (£2.5 billion) in its latest capital raise but has since scaled that back, reflecting the problematic state of the crypto sector.
While Copper’s LinkedIn page says London is its HQ, Sky News adds that Copper has grown frustrated with the approach of UK financial regulators, prompting it to establish a hub in Switzerland instead.
Barclays and Copper declined to comment about the funding news.