Coral, a ground-breaking climate tech startup with headquarters in the United Arab Emirates that specializes in offsetting and carbon emission management, successfully closed its seed round today, raising $3 million in capital. A group of seasoned tech investors with a combined 40 years of industry experience led the round.
Businesses can manage their carbon emissions more efficiently with Coral’s all-inclusive, AI-driven platform, which streamlines and automates carbon data collection, footprint evaluation, reporting, and offsetting in a single system. Additionally, the platform enables e-commerce companies to give their customers the sustainable shopping experience they want by integrating a one-click offset integration into their checkout pages. In order to guarantee quality and transparency, Coral’s blockchain backend also enables real-time auditability of offsets and complete lifecycle traceability of carbon credits.
“We’re thrilled to have completed our seed round and are grateful for the support from our investors who share our vision for a sustainable future,” said Daniele Sileri, Director of Product and Strategy at Coral. “This funding will enable us to scale our platform, expand our team, and accelerate our mission to make carbon neutrality accessible and transparent for businesses worldwide.”
Coral has already forged important alliances, such as the noteworthy one with Nissan, for which it has been supplying carbon footprint estimates and offsetting solutions to the Formula E team since last year. Coral’s Emissions Management System (EMS) is presently being implemented for multiple other clients and is in the process of onboarding significant corporate clients and ecosystem participants, including collaborations with global climate organizations.
“Our platform differentiates itself by not just talking about AI and blockchain as trendy topics, but by effectively implementing them as core components of Coral’s EMS Platform that truly enhance the customer journey. We’re proud to demonstrate how these advanced technologies can be seamlessly integrated to simplify data collection, analysis, and reporting; offering real value to our users,” added Juergen Hoebarth, Director of Operations and Research. “With the carbon market expected to grow exponentially by 2030, we’re in a prime position to make a significant impact, helping organisations achieve their sustainability goals. Following our recent funding, Coral plans to expand its operations by opening a new office in Abu Dhabi and further growing our team of experts to reach a broader customer base and scale up operations.”
