A tech start-up which has developed a number of tools to help firms keep track of climate risk has today closed a $30m Series A funding round.
Cervest, which was founded in 2016, uses its “climate intelligence” platform to allow companies to keep track of environmental threats to their assets.
Venture capital firm Draper Espirit led the funding round, which gives the firm a total of $36m in funding.
Existing investors including Astanor Ventures, Lowercarbon Capital, and Future Positive Capital all took part.
They were joined by new investors including Untitled, led by Tetra Pak heir Magnus Rausing, and Marc Benioff’s Time Ventures.
Cervest will use the financing to move aggressively into the U.S. and European markets, the firm said.
Chief executive Iggy Bassi said: “Climate Intelligence is business Intelligence for managing climate risk. Climate volatility has thrown us into a new era where Climate Intelligence needs to be integrated into all decisions.
“Organisations that fail to do so risk being blindsided by climate events such as the recent floods and fires in Australia, the droughts in Europe, and the winter freeze in Texas.”
“Climate Tech has grabbed a lot of attention recently, with good reason. But solutions come from understanding the problem – Climate Intelligence is a new $40bn market category which seeks to provide us with answers,” said Vinoth Jayakumar, partner and fintech practice lead at Draper Esprit.
“Cervest’s pioneering approach to quantifying risk, in a way that was never before possible, means we can better understand the economics of the problem and bring real-world market solutions to bear.