Alcove, a software startup purpose-built for the decarbonization industry that lets companies manage and track carbon credits, raised $3 million in seed funding.
Seven Seven Six led the all-equity round, including XYZ Venture Capital and a Sequoia scout also participated in the round. Garza declined to share the company’s valuation.
Alcove develops enterprise software that allows companies to track and catalogue carbon credits. Nashville-based clean energy company Clearloop is the startup’s first customer. According to the company, its software was first created for credit suppliers — i.e. clean energy producers like Clearloop — but will eventually expand access to credit buyers.
“The world cannot meet its net zero ambitions without fully scaled decarbonization solutions. Alcove is tackling supply-side scaling problems head-on with a platform that will become an essential building block in the decarbonization infrastructure necessary to power the future climate economy.”
Alexis Ohanian, Founder, Seven Seven Six
“Alcove’s cofounders, Mars and Marley, execute with immense velocity and customer empathy. They’ve hired an exceptional team to go after this massive opportunity – building the system of record for the decarbonization industry. We couldn’t be more excited about their progress or the journey ahead.”
Ross Fubini and Chauncey Hamilton, XYZ Venture Capital