Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a follow-on investment by Low Carbon Innovation Fund 2 (LCIF2) in SKOOT ECO GROUP. This forms part of a £1.1m capital raising round for the startup which will fuel SKOOT’s growth as it also announces its first one million trees planted.
SKOOT’s user-friendly climate technology enables brands to showcase their commitment to sustainability without incurring additional overhead costs. Its unique integrations with leading POS systems such as Micros and Oracle Simphony as well as GloriaFood, Shopify and Zapier makes it possible for businesses to prioritise net-zero in partnership with their customers.
With a focus on hospitality, SKOOT empowers businesses to proactively combat climate change by planting trees, removing ocean plastic, supporting verified carbon projects for every diner,cover, or bill through its innovative Eco-Contribution solution. This provides the hospitality industry with an easy sustainability solution whilst enhancing the guest experience.
The one million tree planted milestone, which is the equivalent of 100 football pitches or the area covering the grounds of Buckingham Palace and St James Park reforested, equates to the removal of 5882 tonnes of CO2 – enough to counter the emissions for 658 adults in the UK (9 tonnes per person) and comparable to removing 2,800 average cars from the road.
This latest capital raise will support the startup as it continues to expand and extend its ongoing partnerships with leading NGOs including Eden Reforestation and Plastic Bank. Renowned hospitality establishments across the UK and US embrace SKOOT’s innovative technology, integrating it seamlessly into their operations. Showcasing further growth, SKOOT has recently secured a contract to become the exclusive carbon offset partner for leading renewable energy provider, Good Energy.
Francis Wright, Managing Director at Turquoise, commented:
“SKOOT has made great progress over the last year, including expanding its solutions to incorporate plastic reduction, and its partnerships with Oracle and Good Energy. We are excited to see how the company continues to grow over the coming year.”
“We are delighted that LCIF2 has continued to support our growth and evolution,” said Greg Gormley, CEO and Co-Founder of SKOOT. “This capital raise, coupled with our one million tree milestone signifies a pivotal moment for us as we continue to dedicate our business to drive real change. We believe that collective small actions can lead to significant positive impacts, and our mission is to support people in taking those actions through affordable, in-the-moment solutions.”
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
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Lizzie Lynch, PR Consultant, SKOOT
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.
SKOOT is a pioneering Top 5% B Corp climate change platform that empowers businesses, individuals, and communities to take more responsibility for their carbon emissions and race to net-zero through frictionless technology-based solutions.
Through its Eco-Contribution solution and seamless integration with leading POS systems, SKOOT is one of the leading sustainability champions in the hospitality sector. At the heart of SKOOT’s mission is a commitment to responsible tree planting, tree conservation, and its wider SDG based-benefits in partnership with its core partners and NGO’s such as Eden Reforestation and Plastic Bank.
SKOOT uses its technology systems to help knit together businesses both with their communities and its own sustainability ecosystem to create a positive impact on the planet