CUR8 Raises £5.3 Million To Accelerate The Carbon Removals Industry

Marta Kuprinska

Co-founder at CUR8

The CUR8 team in May 2023 in front of our offices in Shoreditch, Central London. From left: Swarnali Mitra, Marta Krupinska, Patricia Silva, Mark Stevenson, Dominique Airey, dr Gabrielle Walker, Mick Greenwood

We are delighted to announce that we raised £5.3 million in pre-seed funding led by GV (Google Ventures). The round, which also included funding from CapitalT, Climate VC, SystemaNova, Force Over Mass and ANIM,  will be used to grow our team, scale up capacity and further develop our software platform.

The tools to limit global warming

Global industries are under pressure to decarbonise operations by 2050, as part of net zero commitments, with carbon removals a key way to offset unavoidable emissions. Different carbon removal technologies include afforestation (planting more trees), direct air capture (extracting CO2 out of the air) and enhanced weathering (pulverising volcanic rock, which absorbs CO2, and spreading it on agricultural land where it is absorbed into the soil). Yet the industry is still in its infancy, struggling with challenges including lack of supply, concerns about quality and risk and prohibitive prices. All of these challenges are deterring companies from investing in carbon removal portfolios to offset and reduce their emissions, despite needing to do so to reach their net zero targets.

CUR8 is building the tools to professionalise and accelerate the carbon removals industry. The platform buys carbon removal credits from trusted suppliers and builds high-quality carbon removals portfolios, combining different strategies and methods, that buyers can trust. With an industry-standard set price of £150 per carbon removal (pegged to the social cost of carbon at $185), CUR8 hopes to bring the price down over time as the industry scales to make it more accessible to companies of all sizes. Already the platform has provided carbon removals for landmark royal events, including The Queen’s Platinum Jubilee Pageant and The State Funeral of HM Queen Elizabeth II and large-scale events including British Summer Time and All Points East, with the portfolio comprising removals such as direct air capture (1pointfive), enhanced rock weathering (UNDO) or durable soil carbon (Loam Bio).

Facilitating 10% of carbon removals by 2050

The world needs to remove 10 billion tonnes of carbon dioxide by 2050 according to the IPCC, and CUR8 is on a mission to facilitate 10% of all global carbon removals over the next 25+ years by building out critical industry infrastructure. CUR8 carries out all supplier due diligence in-house, tracking 100+ data points across impact, integrity and scalability created using the scientific expertise of the team, to de-risk purchases and make it easier for companies to understand the quality of their carbon investments. CUR8 also tracks and monitors the progress of carbon sequestration so buyers can invest in contracts over several years, and use it to inform their ESG (environmental, social and governance) and net zero strategies.

Marta Krupinska, CEO and Co-Founder of CUR8, on Sky News on 30th May 2023

In the future, CUR8 will build financial tools to power the carbon removal industry that will enable new technologies to scale and ensure the industry can play a central role in combating the climate crisis. The new funding from GV and CapitalT will be used to invest in growing the team, further product development and scale up the platform’s capacity to serve more customers and suppliers.

Marta Krupinska, co-founder and CEO at CUR8, said: “I’ve had the privilege of a career in which I was able to work on some of the world’s most important problems and I believe CUR8 to be the most important one to date. We’re witnessing the dawn of a future multi-trillion dollar industry that has the potential to not only stop the climate catastrophe but also to drive scientific progress, and create jobs and opportunity around the world. As we embark on building the platform that will unlock that growth, I’m delighted we’ve already been able to attract some of the best talent from across the industry, and now we couldn’t be more pleased to have backers like GV and Capital T to support us on this journey.”

Dr Gabrielle Walker, co-founder and Chief Scientist at CUR8, said: “I’ve been working in climate science for 30 years and it can be easy to feel overwhelmed and pessimistic about the 2050 net-zero deadlines. Carbon removal, along with decarbonisation at scale, has the potential to help us reach these goals, but only if we have the right tools to scale this market to 10 billion tonnes a year by 2050. I’m excited to be working in partnership with Marta and our excellent executive team to grow CUR8 and be the platform to drive this change.”

Luna Schmid, Partner at GV, said: “We believe that carbon removals play a critical role in helping to solve the challenges posed by the current climate crisis. CUR8 is at the forefront of the carbon removals market, serving as a trusted partner for enterprise customers and spearheading the development of financial tools to power the industry. We are thrilled to partner with Marta Krupinska, Gabrielle Walker, Mark Stevenson, and the CUR8 team on this journey.”

If you’re interested in joining an industry that’s been described as the space race of the 21st century, make sure to check out our Jobs Page. Are you an organisation looking to remove your residual emissions? Get in touch!