CO2 tracker and supply chain traceability provider Circular announced Thursday that it closed $14 million in Series A funding, according to a release from the firm.
The most recent funding round is intended to expand Circulor’s presence in North America and Asia.
This funding round was led by The Westly Group, a California-based venture firm focusing on sustainability-minded startups. The venture firm’s founder Steve Westly is also joining Circulor’s board, according to the release.
Big-name investors including Boeing HorizonX, Jaguar Land Rover, and LG Energy Solutions were a part of Circulor’s funding. Others include Bolbo, BHP, Polestar, Vulcan Energy Resources, Salesforce Ventures, Future Positive Capital, 24Haymarket, Sky Ocean Ventures, InMotion Ventures, SYSTEMIQ, Plug and Play, and TotalEnergies Ventures.
Circulor helps its clients reach environmental, social, and corporate governance (ESG) goals by analyzing client emissions and supply chains. Among other tools, Circulor uses blockchain tech to help clients reduce emissions from their business.
More industries are incorporating blockchain into their practices for streamlined transparency, traceability, and lowered cost — the insurance industry being one example.
“We are on a mission to make the world’s most complex industrial supply chains more transparent, and help prevent the exploitation of people and our planet,” said Circulor CEO Douglas Johnson-Poensgen in the statement. “Traceability-as-a-Service is fast becoming a requirement for the world’s leading brands and this funding will help us accelerate our impact and revenue growth.”
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