[Funding alert] Zurich-based CarbonPool Raises €11.2 Million in Funding

Read also - Limburg-based Foodtech Company Verdify Raises €2.4Million in Funding

In order to achieve net zero, carbon credits must be invested in as soon as possible. To that end, CarbonPool was founded by former Allianz executives Coenraad Vrolijk, Nandini Wilcke, and Frederic Olbert. The company offers carbon credit insurance with in-kind claim payments.

As part of an accelerated effort to reach the worldwide net zero emissions target set by the Paris Agreement by 2050, nearly half of the top 2,000 corporations in the world have plans to reach net zero emissions by 2030. To achieve net zero, thousands of businesses, including many of these, rely on carbon credits.

Read also -  Netherlands-based Tidal Control Secures €500K in a Pre-Seed Round Funding

Coenraad Vrolijk, former regional CEO of Allianz Africa and CarbonPool’s co-founder and chief executive said, “CarbonPool’s in-kind payments make it unique among insurers in not only offering protection to holders of carbon credits in cases of natural disaster or technology breakdown, but also in providing a guarantee that carbon credits live up to their promises, giving purchasers certainty and ensuring that they can meet their net zero goals,”.

Christian Jepsen, a founding partner at Heartcore said, “Insurance represents 5-10 percent of revenue of most mature markets, yet it has only just begun to touch carbon trading. This is a space that desperately needs the credibility that established financial controls like insurance can offer, We are excited to be backing a world-class team of climate scientists, carbon specialists and most uniquely, insurance experts with a combined 60 years of experience in global underwriting. I’m confident they will bring much-needed professionalization to this sector.”

Dr. Dominik Steinkühler, Partner at Vorwerk Ventures said, “CarbonPool’s offering gives buyers, developers and investors in carbon dioxide projects the confidence needed to invest at scale and build the carbon removal industry we need, We have been consistently impressed by the expertise and the track record of the CarbonPool founders and we’re excited to back such an ambitious and purpose-driven team. Their innovative in-kind approach extends beyond typical business insurance, safeguarding Earth’s CO2 balance sheet.”

Alex Horvitz, CEO of HCS Capital said, “We are very excited to invest in CarbonPool. As a VC with a deep focus on insurtech, we believe in the power of innovation to address the pressing challenges of our time, and CarbonPool’s commitment to mitigating climate-related risks aligns perfectly with our vision for the future of the insurance industry,”.

About CarbonPool

CarbonPool, a 2023 startup, is now applying for an insurance license in Switzerland and is providing assessments and pre-underwriting agreements to a range of clients, including enterprises, institutional investors, and innovators of carbon removal strategies.

Read also - Amsterdam-based Send AI Raises €2.2Million in a Pre-Seed Round Funding