Miguel Cordon · · 1 min readSG blockchain-based carbon credit marketplace secures $1.5m
Singapore-based climate tech firm Ureca said it has raised US$1.5 million in pre-seed money, extending past its US$1 million target.
Photo credit: Ureca
Launched in Mongolia, Ureca is working on a blockchain-powered carbon credit marketplace. By using blockchain tech, it can provide transparent and accessible transactions for carbon offsetting certificates.
Ureca also looks to offer a digital MRV (measurement, reporting, and verification) service that allows individual households and SMEs to move to clean energy, then produce and sell carbon offsets. The feature will support tech ranging from rooftop solar panels to large wind farms.
Ureca was founded in 2021 by Orchlon Enkhtsetseg, Zolbayar Jargalsaikhan, Unurbat Erdenemunkh, and Amar Baatartsogt.
The company said it will use the new capital to scale its operations across Southeast Asia and accelerate the launch of its marketplace, which is currently slated for an early 2023 release.
See Also: A look at Zilliqa co-founder’s ambitious blockchain project, AltLayer
Another company looking to combat climate issues with blockhcain is Xels, a Japanese firm offering tokenized carbon offset credits through its own marketplace. The company has raised US$14 million since April 2021.
Editing by Deepti Sri and Jaclyn Tiu
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