New Zealand carbon footprint management fintech Cogo, which works with banks to help their customers measure and reduce their carbon impact, has raised NZ$1 million (A$910k) from existing impact investor Soul Capital.
Soul’s NZ$20 million ‘Te Pae ki te Rangi’ Fund is focused on helping Kiwi startups with their global expansion.
Cogo currently operates in 12 countries across Europe, Australasia and North America, with 16 banks as clients, including NatWest (UK), ING Group (Netherlands), and Australia’s Westpac, CBA and Suncorp, with Kiwibank a recent sign on.
The carbon emissions data is drawn from bank payments such as electricity and fuel to calculate the carbon footprints of individuals and businesses alongside personalised recommendations on ways to lower them.
Founder Ben Gleisner said the new capital will assist with further expansion into North America, South-East Asia and other territories.
“Carbon footprint integration is fast becoming a strategic priority for businesses, as customers seek ways to make more sustainable buying decisions and reduce their impact on the climate,” he said.
“Cogo has developed ‘the right product; at the right time’ as we reach the collective realisation that we only have one planet; and that its future depends on what we do today.”
Soul Capital founder and CEO Jamie Newth said that having previously backed the start via their impact fund, they were impressed with the startup’s subsequent progress.
“We look to invest in companies that meet our high impact threshold; companies with the potential to have a positive systemic impact on our biggest social and environmental problems,” he said.
“Cogo’s focus on empowering hundreds of millions of individuals and businesses across the world to be more conscious of the impact of their spend on people and the planet is a great example of the kind of systemic change we need. Many markets are primed for dramatic shifts towards sustainability if the right tools are at hand and Cogo is well positioned to lead in this space.
“Te Pae ki te Rangi can translate to ‘from the horizon to the heavens’ and refers to the ambition of those that we invest in. We’re excited to see Cogo deliver on this vision.”