Coral, a UAE-based climate tech startup, announced this week that it has secured $3 million in its seed funding round.
The startup, specialising in carbon emission management and offsetting solutions, said that it plans to use the funding to scale its platform and team.
According to the UAE-based startup, the round was led by a group of tech investors with “a cumulative 40 years of experience in the sector.”
“Our platform differentiates itself by not just talking about AI and blockchain as trendy topics, but by effectively implementing them as core components of Coral’s EMS Platform that truly enhance the customer journey. We’re proud to demonstrate how these advanced technologies can be seamlessly integrated to simplify data collection, analysis, and reporting; offering real value to our users,” said Juergen Hoebarth, Director of Operations and Research.
Coral said its existing partnerships include a collaboration with Nissan, to whom it has been providing carbon footprint calculations and offsetting solutions for its Formula E team.
Its Emissions Management System (EMS) is also live for several other clients, and it is onboarding corporate customers and ecosystem players, including partnerships with international climate organisations, the startup said in a statement.
“With the carbon market expected to grow exponentially by 2030, we’re in a prime position to make a significant impact, helping organizations achieve their sustainability goals. Following our recent funding, Coral plans to expand its operations by opening a new office in Abu Dhabi and further growing our team of experts to reach a broader customer base and scale up operations,” added Hoebarth.