Clim8 Raises £10 Million in a race to avert climate disaster
The most recent funding round takes the total raised to £10 million following the two previous rounds, including capital secured from Channel 4 Ventures (the venture arm of the TV channel), 7percent Ventures and two previous crowdfunding campaigns.
The third fundraise coincided with the public release of the Clim8 Invest app in the app stores to allow its community of customers to also join the company’s growth journey.
Clim8 raised over £1.26 million in the first 24 hours, smashing its £750,000 target on the first day of the crowdfund with significant demand from existing investors and app users.
Clim8 will use the investment to execute its ambitious growth strategy, focused on growing its user base and driving product innovation. This includes the ongoing rollout of its app and the forthcoming launch of its new Junior ISA and Self Invested Personal Pension in the UK. To deliver this, Clim8 plans to expand its team over the course of 2021.
Duncan Grierson, Founder and CEO of Clim8 Invest, says “Our customers have been asking for an opportunity to become involved in Clim8 not just as users, but also as shareholders. So we launched this campaign to give them a chance to join us as we embark on the next stage of our exciting journey to expand our offering. We’ve been amazed by the level of interest we’ve seen over the past few weeks, and I’m excited to welcome our new investors on board.”
Jonathan Keeling, VP Commercial at Crowdcube, adds “Crowdfunding is a barometer of investor sentiment, and it is always interesting to see which high-growth businesses resonate with our community. Clim8’s vision for a more sustainable future through tangible climate impact has inspired thousands of new investors from over 50 countries to join their journey. The campaign has been a huge success, and we look forward to following their growth trajectory.
This crowdfunding round caps a transformative 12 months for Clim8. It has quadrupled its team size, including senior hires from Monese and Expedia. The Clim8 Invest app has already attracted thousands of active users, investing between £25 and £100,000.