Sydney software startup Pathzero, which launched in the middle of the Covid-19 lockdowns through the Antler Australia program, has raised $1 million in a seed round.
Antler, Black Nova Group and senior business figures including former bank boss Brian Hartzer, climate campaigner, Simon Sheikh, and former Australian Ethical Investment CEO Phil Vernon, as well as two early customers are among the backers.
The funds will be used to expand the core team and accelerate growth locally and internationally, while also expanding the types of industries that can be automatically served.
Pathzero streamlines the carbon reporting process, helping companies calculate their carbon emissions online in just five minutes to help them become carbon neutral.
The emissions management platform has partnered with South Pole to provide carbon offset projects and already has more than 30 businesses in architecture and planning, asset management and consulting services as clients
Founder and CEO Carl Prins previously co-founded Handled, the energy comparison and auto-switching service, in a career that also includes time at Macquarie Group, Reinventure Group and Nearmap.
He believes reporting a company’s carbon footprint will become as normal as financial reporting.
“The process of measuring a carbon footprint lends itself well to automation as you find that there are key drivers for specific types of businesses. We believe that this will accelerate the adoption of carbon accounting and make it part of our every-day language,” he said
His co-founder and Pathzero’s co-founder, Charbel Ayoub, said the emissions measurement platform they’ve built – Version 2.0 of the online self-serve application has just launched – serves a wide array of needs.
“We’ve created an infrastructure that leverages the latest research and technology to make emissions measurement accurate and fast, with design thinking that keeps the task simple for people who are new to sustainability and familiar to those experienced in this space,” she said.
Black Nova Group Managing Partner Matt Browne said he believed the platform will become the ‘gold standard’ for SME carbon offset.
“The market is ready for businesses to opt in to carbon neutrality, driven by pressure from customers, employees, shareholders, social trends and conscience of business owners,” he said.
Antler ANZ partner Anthony Millet said Pathzero’s product addresses a significant pain-point for businesses seeking to cut carbon neutral and has great potential for global expansion.
“The early traction and investor interest in this team is very exciting and is just the start of what we expect will be a phenomenal journey,” he said.