While supply chain improvements have been made, from sustainable fuels to engine optimisation and plastic reduction, decision-makers in all areas are still lacking key knowledge to make more sustainable purchasing decisions.
In order to solve this, SQUAKE, a climate tech startup powering accurate carbon calculations and providing tangible compensation for travel and logistics emissions today announces it has raised €3.5 million in funding led by Simon Capital, with participation from Schenker Ventures and Rivus Capital.
Existing investors Neosfer and Backbone Ventures also participated in the round, along with business angels Michael Riegel and Matthäus Niewodniczanski, all joining Lufthansa Group on the cap table. The new capital, which takes SQUAKE’s total funding to date to €5 million, will be used for technology R&D and operational hires to meet customer demand, fuelling growth in strategic markets.
Commenting on this news, Philipp von Lamezan, CEO and co-founder of SQUAKE, says: “The sustainable transformation of the travel and logistics industry is facing many challenges. By 2030, the EU aims to cut carbon dioxide emissions by 55 per cent compared with 1990 levels. However, just a few weeks ago, it was announced that global warming is set to break the key 1.5C limit for the first time. Consumer-led efforts will only get us so far, which is why corporate change is so crucial. With customer, competitor, and investor-related pressures growing, we support companies by helping them react as fast as possible to ensure swift transformations.”
Founded in 2020 by Philipp von Lamezan (CEO) and Dan Kreibich (CPO), Berlin-based SQUAKE born from the Lufthansa Innovation Hub, is operating independently since 2021. Through one single API, SQUAKE blends seamlessly into the backend of any digital infrastructure to make precise carbon calculations for all types of travel and logistics activities – such as flights, shipping, car rentals, and hotels – based on national and international standards. In the process, SQUAKE bridges the tremendous gap in emission awareness across these industries, triggering information-based decision-making by shining a spotlight on more sustainable choices.
Jan Leicht, Partner at Simon Capital, adds: “The mobility of people and goods are central in our everyday lives and will continue to impact all efforts to reduce our carbon footprint. To us, SQUAKE clearly stands apart from competitors through its unique history of being born from and built for the industry. Seeing industry names like Reed & Mackay, HomeToGo or DB Schenker partner with SQUAKE is a shout-out to its impressive product and means millions of people can already benefit from its cutting-edge technology.”
Paulina Banszerus, Head of Venture Capital at Schenker Ventures, says: “We have been impressed by the tech built by SQUAKE. We see great potential for driving the sustainable transformation of our industry with this solution”
SQUAKE focuses mainly on carbon removal through its portfolio. By connecting customers with principled and established partners globally – including sustainable aviation fuels, direct carbon capture, and reforestation providers – SQUAKE automates the carbon reduction and removal process. Through this rigorously qualified network of partners, SQUAKE makes meaningful climate action accessible to everyone.
Read the orginal article: https://www.eu-startups.com/2023/06/berlin-based-squake-raises-e3-5-million-to-enable-travel-and-logistics-players-to-make-more-sustainable-choices/
