Carbon footprint tracker CoGo seeks $20m to grow impact
20/10/2021 08:14
By Paulina Duran
SYDNEY, Oct 20 (Reuters) - New Zealand-based carbon
footprint tracking fintech CoGo Ltd will launch a $20 million
capital raising to fund growth in the United States, Europe and
Asia, Chief Executive Ben Gleisner said on Wednesday.
The firm, whose algorithms help consumers align their
purchasing habits with targets such as reducing carbon
emissions, is opening the fundraising to venture funds,
companies and its retail customers, Gleisner said.
"If you look at what's going on around the world you'll see
why we think we'll be the world's first climate impact unicorn
within three years," Gleisner said, referencing the tag given to
startups worth at least $1 billion.
Gleisner said that, pre-funding, revenue is expected to grow
to between NZ$2.5 million and NZ$5 million in fiscal 2022, and
to more than N$7.5 million in fiscal 2023, from about NZ$500,000
in the fiscal year ending March 2021.
CoGo has ramped up operations over the past year as climate
change concerns among consumers and investors surge and data
sharing regimes develop. urn:newsml:reuters.com:*:nL1N2RE19L
It has secured partnerships with more than seven U.K. banks,
including Santander SAN.MC and Natwest Group Plc NWG.L that
allows the banks to use Cogo's technology to assess their
customers' carbon footprint based on their purchases and provide
detail via an app.
The company also tracks data on U.K. and New Zealand
companies that support their local economies and businesses that
pay their employees a living wage. urn:newsml:reuters.com:*:nL1N2RE19L
It has raised about $10 million since it was incorporated in
2016 after five years as a charity and is launching the Series A
venture capital fundraising to hire developers, behavioural
scientists and scale up its operations.
The company also partnered with Commonwealth Bank of
Australia CBA.AX to allow customers to track and offset their
carbon footprint by buying carbon credits via the bank's phone
app. urn:newsml:reuters.com:*:nFWN2R00J9
(Reporting by Paulina Duran in Sydney; Editing by Jane Wardell)
((paulina.duran@thomsonreuters.com; +61 2 9171 7406; Reuters
Messaging: paulina.duran.thomsonreuters.com@reuters.net))