London-based startup Altruistiq today announced that it has raised £15 million, or about $18 million, in seed funding to help enterprises meet their sustainability goals.

The investment was led by Molten Ventures with participation from Norrsken VC and multiple angel investors.

Altruistiq, incorporated as Expanding Circle Ltd, launched in 2021 with a cloud-based platform that promises to help enterprises reduce their carbon emissions. The startup says that its platform is used by companies with more than $10 billion in combined revenue.

Altruistiq’s platform can connect to an organization’s finance software and other internal applications to collect data about its carbon footprint. The platform uses the data that it collects to map out the environmental impact of different business activities. Altruistiq can, for example, measure how much carbon is released into the atmosphere by a company’s fleet of delivery vehicles. 

There are several other startups with tools that promise to help companies map out their carbon emissions. According to Altruistiq, one of its platform’s main differentiators is that it not only tracks an organization’s environmental footprint but also find areas for improvement.

Altruistiq has built algorithms that automatically generate suggestions for reducing carbon emissions. The startup’s platform can, for example, point out if switching to a different parcel delivery method might help an online retailer reach its sustainability goals faster. Altruistiq highlights opportunities to reduce both carbon emissions that are generated directly by a company’s business operations, as well as indirect emissions generated by suppliers and partners.

“Processing raw, operational data in a traceable way, using the data engineering tools available today, can give businesses an understanding of their actual impact, whilst also enhancing their credibility in sustainability,” said Altruistiq founder and Chief Executive Officer Saif Hameed.

The company designed its platform with a focus on large enterprises. Because of the complexity of their business operations, large enterprises often find it challenging to measure the carbon emissions they generate. As part of its go-to-market efforts, Altruistiq is placing a particular emphasis on companies in areas such as the retail, food and beverage, logistics and fashion and textile segments.

“Altruistiq is already proving the power of its platform which we believe can be the category leader of a rapidly evolving market,” said Molten Ventures head of climate George Chalmers. “There is an increasing need and demand for a carbon abatement solution to go beyond just reporting and Altruistiq is in a strong position to meet those needs.”

Image: Altruistiq