What: London-based Climate X is developing tools to help companies manage their risk exposure to climate change. The main service is Spectra, an on-demand climate risk data analytics platform that companies can leverage as a SaaS platform or via an API. Spectra calculates a range of risk ratings and potential losses linked to extreme weather and climate change scenarios based on location.
Why: The economic cost of climate change will reach $23 trillion by 2050, according to Climate X. Governments are increasingly requiring companies to include climate risk exposure in their financial disclosures. But quantifying these projections can be a complex undertaking for companies that don't have the tools or the data. The goal of Spectra is to provide a standard and reliable method of calculating this information to help companies and investors make critical decisions.
Seed Round: €5 million.
Investors: CommerzVentures and A/O PropTech led the round – joined by Voyagers Climate Tech Fund, Blue Impact Ventures, Deloitte LLP. What caught our eye with this investment was the involvement of several Paris-based angel investors: Kat Borlongan (former Director at La French Tech), Renaud Visage (co-founder and former CTO at Eventbrite), and Vera Elizabeth Baker (Venture Partner at Jua Fund and Founder of Colored Girls Who Tech).
What's next: Climate X will use the funding for product development and expanding sales and marketing.