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Zeroe, a UAE-based climate tech startup focused on corporate decarbonization, has raised $2.2 million in an oversubscribed seed round.
This round of financing was led by Indonesian angel investor Owen Rahadiyan and is expected to open the door to the Southeast Asian market for Zeroe.
Zeroe was founded in early 2023 by Farouk Jivani and Ali Najafian with a mission to help companies in the region promote decarbonization and ease the transition to net zero.
“For an organization, the first step in any decarbonization journey is to fully measure emissions,” Giovanni said in a statement with middle east entrepreneur. “Organizations make financial decisions based on their own accounts, and decarbonization decisions are no exception; they should be based on factual sources. Zeroe enables organizations to fully account for their emissions and automate the flow of information to internal systems in the shortest possible time. Eight weeks , providing a platform for effective decision-making. Armed with this information, organizations can acquire and allocate the right amounts of capital in the right areas to decarbonize.”
Image courtesy of Zero.
Zeroe’s software-as-a-service (SaaS) platform is designed to help companies comprehensively measure carbon emissions while reporting decarbonization performance to stakeholders. The startup’s influence in the UAE market became particularly evident after the 28th Conference of the Parties (COP28) hosted by the UAE.
“The urgency to act on climate change has never been greater and will grow exponentially in the coming years,” Jiwani added. “This investment therefore demonstrates our commitment to driving real change. We We are here to accelerate corporate decarbonisation journeys and unlock climate finance to fund the transformation.”
Zeroe provides businesses with the tools and insights they need to not only understand and reduce their carbon footprint, but also align with a sustainable finance framework – the latter of which, according to the co-founders, is a key aspect of the transition to sustainable impact. So, with the new funding available, Jivani and his team hope to allocate it towards strengthening their presence in the market.
Jivani said: “Over the next 12 months, we will focus on deploying our software to organizations in our target markets in the GCC and Southeast Asia, particularly in the UAE and Indonesia, where we are already seeing traction. “We have invested over the past year to build a product that meets the needs of enterprise organizations, and we will double down on our investment in this area to ensure that our product solves our customers’ problems and can be deployed quickly to drive effective decisions. We also plan to further develop how artificial intelligence (AI) can support organizations on their decarbonization journey, reducing the need for internal emissions expertise, which we see as a barrier to global decarbonization.”
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