Abatable, a technology firm in London specialising in carbon procurement and market intelligence, has raised $13.5 million in funding from Azora Capital and acquired Ecosphere+, a major provider of nature-based carbon credits.
This funding and the acquisition will enable Abatable to assist more companies worldwide in achieving their net zero objectives.
Abatable, founded in London in 2021, offers a technology-driven carbon procurement and market intelligence platform for the voluntary carbon market.
Their solution is designed for companies seeking to establish transparent, efficient, and robust carbon procurement programs. Abatable combines market intelligence with advisory services and has extensive access to a network of over 2,000 project developers across various project types and geographies. They have access to over 150MtCO2e in carbon credits that can be purchased within the next 18 months. Previously, Abatable received backing from Global Founders Capital, Blue Bear Capital, Keiki Capital, Alumni Ventures, and Y Combinator.
With the acquisition of Ecosphere+, Abatable will be able to offer its services to a wider range of corporate clients and benefit from Ecosphere+’s extensive track record and data, including over 45 million carbon credits transacted since its inception.
Ecosphere+ is a well-known provider of carbon credits derived from nature-based projects, which encourage reforestation, reduce deforestation, and support local communities.
Ecosphere+ was established in 2016 with funding from the Althelia Climate Fund, which is currently managed by Mirova, to create a market for high-impact voluntary carbon credits. The fund was among the first to combine impact investment with climate finance in the natural capital sector and had the support of notable investors such as BNP Paribas, AXA, the European Investment Bank, FMO, and others.
The funding round was led by Azora Capital, a leading investment management and private equity firm based in Spain. It is part of its European Climate Solutions growth equity strategy, which supports companies providing decarbonisation solutions for the European economy. Santiago Olivares, Azora’s Managing Partner, stated that the investment would help Abatable expand its growth strategy by enabling it to acquire Ecosphere+ and provide impactful decarbonisation strategies to a wider range of companies and industries.
By assisting companies in sourcing, vetting, and structuring complex and long-term carbon procurement programs, Abatable aims to deliver long-term and measurable environmental and social benefits.
“We are thrilled to have the support of Azora as we accelerate our growth plans to support an increasing number of businesses taking climate action for their hard-to-abate emissions. Ecosphere+ has pioneered best-in-class carbon procurement programs since 2016 and we’re excited to combine their access and expertise with our digital solutions to establish the largest tech-enabled carbon procurement platform.”
Abatable CEO and Co-founder Valerio Magliulo.
Abatable Co-founder Maria Eugenia Filmanovic.
“We are delighted to work with Lisa and the rest of the Ecosphere+ team, who have been valued partners of Abatable, and continue to build on the great legacy of their previous owners, the Althelia Climate Fund, a pioneer impact investment platform focused on nature-based voluntary carbon markets.”