Singapore-based hospitality & travel-focused VC firm Velocity Ventures has invested an undisclosed amount in New Zealand’s enviro-tech company CarbonClick.
The startup will use the funds to boost its expansion into Asia, with a regional office in Singapore scheduled to open in 2023.
Founded in 2017, CarbonClick aims to make carbon offset simple for businesses and their customers. It provides the full details of the offset by ensuring a receipt is emailed to each customer, showing where and how their contributions have been used with a “track and trace” feature.
The startup has made inroads into the aviation, travel, and airport sectors and works with over 1,000 brands. The firm works with companies such as Etihad, Amadeus, and London Stansted Airport.
In Southeast Asia, CarbonClick currently supports Rimba Raya Biodiversity Reserve, a project in Indonesia’s Central Kalimantan which protects 65,000 hectares of peat swamp, avoiding more than 130 million tonnes of carbon emissions.
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“More consumers now demonstrate greater awareness around sustainability and choose airlines and travel providers that align with their environmental values. We are dedicated to ensuring our credits stand up to the highest level of scrutiny and have implemented a stringent framework to ensure that the offsets companies offer to their customers have a real, measurable impact on reducing climate change,” said Dave Rouse, CEO of CarbonClick.
Nicholas Cocks, Managing Partner of Velocity Ventures, added: “As travel rebounds, the travel and hospitality industry has many long-term assets such as aircraft and hotels where significant emissions reduction simply is not immediately possible. Carbon offsetting for such companies offers an immediate solution while transitioning to reach net zero goals. For example, airlines gradually replacing their existing fleet with more fuel-efficient aircraft can participate in voluntary carbon offsetting efforts to make a difference. Pricing the negative externality of carbon emissions and providing quality carbon offsets is vital to galvanize immediate action rather than prolong collective inertia.”
Velocity Ventures invests in growth-stage tech-enabled companies across five verticals: travel services, transportation, accommodation, F&B, and experiences. Its investments include Aigens, Food Market Hub, TableVibe, TripGuru, and Hyper Robotics.
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