UAE-based climate tech startup, Coral, has successfully secured $3 million in Seed funding, led by a group of experienced investors. Established in 2022 by Juergen Hoebarth and Daniele Sileri, Coral specializes in providing businesses with an innovative solution to streamline the management of carbon emissions.
The funding will support Coral in expanding its platform, growing its team, and advancing its mission to make carbon neutrality more accessible and transparent to businesses globally. Coral’s AI-powered platform automates carbon data collection, evaluates carbon footprints, generates reports, and facilitates offsetting, all in one system. The platform also enables e-commerce businesses to integrate a one-click carbon offset option at checkout, allowing consumers to engage in more sustainable shopping. Powered by blockchain, Coral ensures traceability of carbon credits and real-time auditability of offsets, enhancing transparency and quality control.
Daniele Sileri, Coral’s Director of Product and Strategy, expressed excitement about the funding and the investors’ shared vision for a sustainable future. This investment will further enable Coral to accelerate its platform development and scale its operations.
Coral has already forged key partnerships, including a collaboration with Nissan, providing carbon footprint and offset solutions for their Formula E team. The company’s Emissions Management System (EMS) is in use with various clients, with ongoing efforts to onboard major corporate customers and collaborate with international climate organizations.
Juergen Hoebarth, Director of Operations and Research, emphasized that Coral differentiates itself by effectively integrating AI and blockchain to enhance user experience, simplifying data collection and reporting. With the carbon market projected to grow significantly by 2030, Coral is poised to make a substantial impact, helping organizations meet sustainability goals. The startup also plans to open a new office in Abu Dhabi and expand its team following the recent funding round.
Discover the State of Funding in MENA – 2019 to 2023 :
https://assiyaq.com/the-state-of-startup-funding-in-mena-2024-report/ of this month is taking you through the ups and downs of MENA’s startup funding over the last 5 years. If you’re a startup founder, an investor or an ecosystem builder, this is your chance to learn from the past, spot the trends, and write your own success story.
Don’t miss out on knowing the history that could shape our future!
