Dubai-based climate tech startup Olive Gaea has secured $ 1 million in funding from Cornerstone Ventures and will use the funds to launch its SaaS platform enabling firms to achieve their net zero and carbon management goals.
The capital raised will be used to officially launch and expand this platform 'Zero by Olive Gaea', extending the company's market presence across GCC (Gulf Cooperation Council), MENA (Middle East and North Africa) and India, a press release noted.
The Carbon Management and Accounting Platform offers a comprehensive solution to measure, reduce, offset and report carbon footprint in line with global standards and frameworks.
Vivek Tripathi, Co-founder and CEO of Olive Gaea, stated: "91% of businesses struggle to measure their greenhouse gas (GHG) emissions. Even fewer can meet their carbon reduction targets. Having served governments and private entities in the MENA and India region for the past two years, we've gained extensive experience in understanding the challenges they face in their decarbonisation and Net Zero journey. Now, with the support of Cornerstone Ventures, Olive Gaea is ready to bridge the climate action gap by automating and simplifying decarbonisation at scale."
Nanika Kakkar, Investment Director, Cornerstone Ventures, said, “We see Olive Gaea as a leading partner in helping prudent enterprises develop this capability ( of achieving net zero), making them pioneers in the India and MENA region. Such an end-to-end solution is yet to emerge and will soon become a category creator."