Sustainability platform Zellar has bagged a £600,000 investment from The Co-operative Bank in return for a 2% stake which puts the firm at a £33m market valuation.
Zellar’s software measures businesses’ environmental impact and suggests methods such as green energy deals, technology recommendations, and offsetting projects to improve a client’s sustainability.
Gary Styles, founder and CEO of Zellar, said: “This is an exciting time for Zellar. Not only is our SME base increasing rapidly through partnerships with The Co-operative Bank, SSE Energy Solutions and a growing number of local authorities.”
The Co-op bank has become the startup’s first external investor in its seed round in which the company is looking for an additional £2.4m.
The London-based firm will use the additional capital for “a number of platform developments”.
Customers of The Co-operative Bank were given subsidised access to the sustainability platform earlier this year. The Co-operative Bank will sit on Zellar’s steering committee and assist in product development.
“Zellar has become instrumental in helping us to deliver on our vision of igniting and driving action against climate change amongst SMEs,” said Catherine Douglas, managing director, The Co-operative Bank,
“We’re delighted to be following up on the success of our subsidy programme by continuing to work with and invest in Zellar.”