Sydney envirotech startup Pathzero is the latest startup to bolster a round with additional funding a year or more later, adding another $8.6 million to what it’s called a Series A+.
The business previously raised $6.8 million in October 2021, taking the total raised for its Series A to $15.6 million.
VC Carthona Capital once again led the round, with Antler Australia again chipping in, as well as Clyde Bank Holdings.
The Sydney software startup launched in 2020 during the Covid lockdowns and raised $1 million in October that year in a Seed round backed by Antler, Black Nova Group, former bank boss Brian Hartzer, climate campaigner Simon Sheikh, and former Australian Ethical Investment CEO Phil Vernon.
Pathzero is one of multiple carbon measurement and data startups launched in the last few years as the world focuses on a 2050 net zero target and attempts to cut emissions sooner.
Yesterday, carbon management startup Arvani announced it had raised $3 million less than 12 months after launching, to help businesses tackle ‘scope 1,2 & 3’ emissions measurement.
NAB Ventures backed Greener in a $4 million Series A in October, as it looks to to help small businesses move towards net zero emissions . The startup’s business model simplifies the decision-making process to help reduce and offset emissions for both sides of retail trade.
Pathzero’s clients include asset managers and superannuation funds such as StepStone, HESTA and Carthona Capital, helping them track emissions in portfolio companies.
Yesterday federal treasurer Jim Chalmers released a consultation paper on the development of an Australian climate risk disclosure framework.
The Albanese government is looking to crack down on corporate “greenwashing”.
Chalmers said the internationally-aligned framework will provide business and investors with the clarity and certainty they need to manage climate risks and invest in new opportunities.
“It will ensure large business and financial institutions are providing more information and greater transparency on how they are responding to climate change and supporting the transition to net zero,” he said.
“The Government will consult closely with industry, financial regulators and other stakeholders to develop an approach that is fit for purpose and ensures Australia is well positioned in global markets.”
Consultation is now open, with submissions closing on 17 February, 2023.
Details on the public consultation process are on the Treasury website.