Dubai,
UAE — 24 September 2024 — Coral, a UAE-based
pioneering climate tech startup specializing in carbon emission management and
offsetting solutions, announced today the successful closure of its seed round,
securing $3 million in funding. The round was led by a group of seasoned tech
investors with a cumulative 40 years of experience in the sector.
Innovative
Solutions for a Sustainable Future
Coral offers a comprehensive, AI-driven
platform that facilitates and automates carbon data collection, footprint
evaluation, reporting, and offsetting in a single system, providing businesses
with a streamlined solution to manage their carbon emissions. The platform also
offers e-commerce businesses the ability to integrate a one-click offset
integration in their checkout pages, which provides their customers the
sustainable shopping experience they desire. Coral’s blockchain backend also
allows full lifecycle traceability of carbon credits and real-time auditability
of offsets to ensure quality and transparency.
"We're thrilled to have completed
our seed round and are grateful for the support from our investors who share
our vision for a sustainable future," said Daniele Sileri, Director of
Product and Strategy at Coral. "This funding will enable us to scale our
platform, expand our team, and accelerate our mission to make carbon neutrality
accessible and transparent for businesses worldwide."
Strategic
Partnerships and Market Positioning
Coral has already established key
partnerships, including a significant collaboration with Nissan, where the
company has been providing carbon footprint calculations and offsetting
solutions since last year for their Formula E team. Coral’s Emissions Management
System (EMS) is already live for several other clients and currently onboarding
major corporate customers and ecosystem players, including partnerships with
international climate organizations.
"Our platform differentiates itself
by not just talking about AI and blockchain as trendy topics, but by
effectively implementing them as core components of Coral’s EMS Platform that
truly enhance the customer journey. We're proud to demonstrate how these
advanced technologies can be seamlessly integrated to simplify data collection,
analysis, and reporting; offering real value to our users," added Juergen
Hoebarth, Director of Operations and Research. "With the carbon market
expected to grow exponentially by 2030, we're in a prime position to make a
significant impact, helping organizations achieve their sustainability goals.
Following our recent funding, Coral plans to expand its operations by opening a
new office in Abu Dhabi and further growing our team of experts to reach a
broader customer base and scale up operations."
About Coral
Coral,
a UAE-based tech company, is revolutionizing carbon emissions management for
businesses. Our AI-powered carbon accounting software simplifies the complex
processes of emissions tracking, reducing the time required by up to 95% and
minimizing the dependence on costly external consultants. Enhanced data
collection and transparent reporting empower better climate action decisions.
The platform also features one-click carbon offsetting with expert-curated
credits offering complete traceability and a secure audit train via blockchain,
ensuring peace of mind in climate disclosures. Additionally, our Carbon Offset
API enables companies to seamlessly integrate real-time carbon offsetting into
their e-commerce platforms across various industries, such as delivery,
tourism, and utilities. With offices in Dubai and soon Abu Dhabi, and extended
network all around the world, we’re committed to making sustainable practices
accessible and efficient for all.
Contact
Eftal
EFECINAR
Chief
Strategy and Partnership Officer
E-mail: eftal.efecinar@coral.li
Phone: +971 50 740 61 77