Carbon footprint tracker CoGo seeks $20 mln to fund expansion (updated)
20/10/2021 11:17
(Updates to add PIX and US$ conversion in 4th paragraph)
By Paulina Duran
SYDNEY, Oct 20 (Reuters) - New Zealand-based carbon
footprint tracking fintech CoGo Ltd will begin raising $20
million in capital 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 to 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 ($1.79 million) and NZ$5 million
($3.58 million) in fiscal 2022, and to more than N$7.5 million
in 2023, from about NZ$500,000 in the 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
allow the banks to use Cogo's technology to assess customers'
carbon footprint based on 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
($1 = 1.3965 New Zealand dollars)
(Reporting by Paulina Duran in Sydney; Editing by Jane Wardell
and Bernadette Baum)
((paulina.duran@thomsonreuters.com; +61 2 9171 7406; Reuters
Messaging: paulina.duran.thomsonreuters.com@reuters.net))