Blockchain-powered marketplace for carbon offsets URECA closes US$1.5M pre-seed round

URECA, a Singapore-headquartered climate tech company, has announced closing its pre-seed fundraising round at US$1.5 million.

The names of the investors remain undisclosed.

The startup will use the capital to scale its operations across Southeast Asia. In addition, it will accelerate the launch of its marketplace that enables people to invest directly in climate solutions, planned for early 2023.

Originally from Mongolia and headquartered in Singapore, URECA aims to empower and mobilise grassroots communities against climate change by providing a universally accessible platform for carbon offsets.

Also Read: How Zuno Carbon plans to help organisations reduce their environmental impact

In addition to providing a marketplace for carbon offsets as investable assets, URECA also enables individual households and SMEs transitioning to clean energy to produce and sell carbon offsets through its digital MRV (measurement, reporting and verification) technology. These can range from the homeowner with a rooftop solar panel to a company owning a large wind farm.

The MRV technology uses IoT engineering and machine learning to remotely verify carbon offsets which then can be traded on the company’s blockchain-powered marketplace to provide a transparent and accessible platform for verified, high-quality carbon credits.

URECA plans to expand its reach into other high-quality carbon offset projects.

The company is already working on energy efficiency programmes and is exploring moving into nature-based solutions. URECA will use technology and fieldwork to ensure that the verified credits listed on its marketplace are of high quality and meet the most stringent requirements.

Also Read: ‘There’s a lack of urgency among companies in achieving net zero targets’: Unravel Carbon’s Grace Sai

“This pre-seed investment round positions us to get more people involved in the fight against climate change and will enable us to become a leading climate tech player in the region,” said Orchlon Enkhtsetseg, Chief Executive Officer and Founder of URECA.

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