Australian greentech firm secures $5.8m in a series A extension

Pathzero, an Australia-based greentech startup, has raised A$8.6 million (around US$5.8 million) in an extension of its series A round led by Carthona Capital, with participation from Clyde Bank Holdings and Antler.

In total, the firm has raised US$10.5 million for the round.

Pathzero co-founders Charbel Ayoub (left) and Carl Prins / Photo credit: Pathzero

Founded in 2020, Pathzero helps corporations and financial institutions measure, manage, and disclose emissions from their investment portfolios.

Its main offering is Pathzero Navigator, a tool for reporting carbon emissions. The platform has been used by StepStone, Carthona Capital, as well as Hesta – a pension fund for people in the health and community services sectors.

Yesterday, the Australian government launched a consultation paper on developing a climate risk disclosure framework for businesses and financial institutions, which could be started as soon as 2024.

“As regulation intensifies across sectors, we are looking forward to the years as monitoring and reducing financed emissions become second nature to financial institutions,” said Dean Dorrell, partner at Carthona Capital.

See also: ‘Clean air as a service’ by Indonesian firm takes on pollution

Pathzero was established by serial entrepreneurs Carl Prins and Charbel Ayoub. It plans to use the fresh funding for product development purposes.

Currency converted from Australian dollar to US dollar: US$1 = A$1.48.