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UAE-based climate tech startup Coral has raised USD 3 mn in a seed fundraising round, according to a press release. The round was led by a group of undisclosed tech investors.
Where’s the money going? The funds will be used to scale Coral’s platform, increase the company’s staff, and expand the startup’s operations to Abu Dhabi, the statement notes.
The startup has already bagged major clients: Coral has secured several major partnerships including providing carbon footprint calculations and offsetting pathways for Nissan’s Formula E team. The startup’s Emissions Management System is also being used by several undisclosed corporations and international climate organizations.
About Coral: The startup uses AI-powered carbon accounting software to help companies manage their emissions, reducing tracking time by up to 95%, according to the statement. The startup also provides one-click curated carbon offsetting solutions with complete traceability and security via blockchain. The startup has offices in Dubai and is planning an expansion to Abu Dhabi soon.
