Climate tech startup 51-0 has raised £400,000 to develop its platform that automates data collection and administration for clients looking to decarbonise their business.
The London-based company aims to reduce the time an enterprise spends on carbon administration so that they can instead focus on decarbonisation efforts.
According to 51-0, companies – particularly those with a global reach – have to spend up to nine months performing the carbon administrative processes involving the tracking and reporting of emissions. This leads to a situation where the data at the end of the process may already be out of date, says 51-0.
51-0’s platform uses API integrations to consolidate a company’s carbon footprint data by combining information from all departments, offices, and locations. The company says this approach can streamline the emissions reporting process and provide climate transformation support.
The startup has said there are more than 12,000 businesses in the UK alone that are required by regulation to report carbon emissions, with 60,000 more in the EU.
The funding round was led by Fuel Ventures SEIS fund, marking the VC’s first foray into climate tech.
“51-0 is the first climate-tech platform Fuel Ventures has invested in, and we couldn’t have hoped to work with two stronger, more climate-passionate founders than Neil and Richard,” said Mike Stevenson of Fuel Ventures.
“We are excited to help guide and accelerate the growth of 51-0 as they tackle the globally significant challenge of reducing corporate carbon emissions.”