CNaught Secures $2.25M Pre-Seed Investment to Build a Better Way to Buy Carbon Credits
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SAN FRANCISCO, October 11, 2023-- CNaught, the first science-based and trust-centered seller of carbon credits, today announced a $2.25 million pre-seed round led by Greycroft. Additional participating investors include Carthona Capital, Long Run Capital and several angel investors.
Since 2004, businesses and individuals around the world have purchased more than 3.3 billion tonnes of carbon credits, spending an estimated $2B in 2021 alone. Today, the majority of Forbes Global 2000 Companies publicly state net zero goals, and 97% of them get there in part through carbon credits. The voluntary carbon credit market is predicted to reach $50 billion by 2030.
But the market is opaque, confusing, and inconsistent, with buyers afraid to purchase credits that underperform and leave them open to lawsuits and public criticism–both unacceptable risks for business purchasers with publicly-reported sustainability goals to meet. Unlike existing products, CNaught makes it easy for companies to purchase a blended, science-backed portfolio of carbon credits with flat, usage-based pricing. CNaught’s transparent approach, including deep project research and due diligence, enables companies to have confidence they are driving meaningful climate impact with their carbon credit purchases.
“CNaught was founded to get more companies off the sidelines by making the process of taking climate action as simple as possible,” said Mark Chen, co-founder and CEO of CNaught. “We provide an ‘easy button’ for carbon credits that allows customers to purchase a diversified, science-backed portfolio of carbon credits in minutes. CNaught gives them confidence that they are taking real climate action.”
Since its soft launch in April 2023, CNaught has retired more than 10,000 tonnes of carbon credits on behalf of dozens of customers. Those customers have also committed to thousands of tonnes of future credit purchases. Initial customers include Pure Insurance, DuckDuckGo, Homebound, Thrive Home Builders, Canopy, Hitch, and Zeelo.
“So many climate tech startups are purely vision-based, offering solutions that are years away from reality. CNaught offers impact now. They demonstrated product market fit early on, achieving impressive customer traction and revenue growth,” said Will Szczerbiak, Partner at Greycroft. “The team has decades of experience simplifying complex supplier marketplaces at Rev.com, Thumbtack and Uber, and it shows. They have built a simple to use product that solves a critical customer pain point. I believe CNaught is what companies and consumers want and what the climate needs, now.”
In the coming months, CNaught will expand its sales outreach globally to enterprises of all sizes and build on its momentum with partners who want to offer carbon offsetting to their end users. For more information on CNaught or to get started for free, please visit: https://www.cnaught.com/
Founded in 2022, CNaught is creating the easiest way to purchase a science-backed portfolio of trustworthy carbon credits. By making it easy to access reliable climate impact, CNaught is empowering companies across the homebuilding, transportation, retail and other sectors to achieve their climate goals faster. Learn more at cnaught.com and follow us on LinkedIn.