CarbonCloud raises €7.5M to help food industry reduce emissions

Swedish SaaS startup CarbonCloud has concluded a €7.5 million Series A funding round to support its mission of helping the food industry reduce its carbon footprint efficiently

The startup was founded in 2019 to help food companies calculate and communicate their carbon footprint to stakeholders.

CarbonCloud invented climate intelligence technology that allows decision-makers in the food industry to track the climate impact of their products at all stages of the supply chain easier.

CarbonCloud’s platform enables these stakeholders to further improve their climate performance by automating life cycle assessment processes, which are usually done manually.

“Google has built the search graph, Facebook built the social graph, and CarbonCloud has built the food graph.”

David Bryngelsson, CEO and Cofounder of CarbonCloud

CEO and co-founder David Bryngelsson said CarbonCloud’s product could reduce resources the food industry requires to look for supply chain emissions data, allowing companies to operate more efficiently.

CEO and co-founder David Bryngelsson said CarbonCloud’s product could reduce resources the food industry requires to gather supply chain emissions data, allowing companies to operate more efficiently.

The food industry, which produces over a quarter of the global carbon footprint annually, is considered a strategic sector to target due to pressures from lawmakers and the increasing number of environmentally-conscious consumers. Recent data showed that 87 percent of consumers in Europe would pay more for food products that are made in an environmentally responsible manner.

German venture capital (VC) Cusp Capital and Dutch VC Peak led CarbonCloud’s latest funding round, with participation from Rivus Ventures, TS Ventures and Maki VC.

Cusp Capital general partner Jan Sessenhausen explained that CarbonCloud’s industry-specific solution would dominate over “industry-agnostic approaches.”

“We consider CarbonCloud’s data and calculation model to be superior to its competitors and are really happy with the overall development since our initial investment in 2021,” Sessenhausen said.

Meanwhile, Peak managing partner Stefan Bary praised how CarbonCloud’s technology could process climate footprint data quickly and on a more detailed level than its competitors. CarbonCloud does it by establishing a digital solution that allows food companies to respond quickly to consumer demand regarding specific products in their portfolios.