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Carbon emissions platform Squake has raised €3.5 million in funding to fuel further research and development and drive growth, bringing the climate start-up’s total funding to date to €5 million.
The funding round, led by Simon Capital and with participation from Schenker Ventures and Rivus Capital, as well as existing investors Neosfer and Backbone Ventures, will also allow the Berlin-based company to add operational hires to meet customer demand.
Launched in 2021 as part of Lufthansa’s Innovation Hub, the Squake platform connects providers through a single application programming interface (API) to calculate carbon emissions from every part of a traveller’s journey, including flights and ground connections.
The platform also automates the carbon reduction and removal process by connecting customers with “principled and established partners” such as sustainable aviation fuel providers, direct carbon capture and reforestation providers.
In January, Netherlands-based ATG Travel Worldwide became the first TMC to connect to the Squake platform to enable clients to measure and offset emissions from business travel. This was swiftly followed by a similar partnership with London-based TMC Reed & Mackay.
Commenting on the latest funding round, Squake CEO and co-founder, Philipp von Lamezan, said: “While supply chain improvements have been made – from sustainable fuels to engine optimisation and plastic reduction – decision-makers in all areas are still lacking key knowledge to make more sustainable purchasing decisions.
“Sustainability and business go hand-in-hand, but trust is vital to make this partnership work. Our investors and corporate partners are a testament to the trust we’ve built already – but there’s much more to be done and no more time to waste.”
Paulina Banszerus, head of venture capital at Schenker Ventures, added: “We have been impressed by the tech built by Squake. We see great potential for driving the sustainable transformation of our industry with this solution.”
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