Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a £250,000 investment by Low Carbon Innovation Fund 2 (LCIF2) in climate action platform Net Zero Now. This forms part of a capital raising round of over £750,000 in which other investors included UK venture capital firm SyndicateRoom.
Net Zero Now offers simple, credible and affordable carbon management accounting software to help businesses reach Net Zero. Its unique sector-specific, industry-backed approach harnesses the power of big brands and trade associations to lead change in their sector, giving businesses of all sizes access to tried and tested climate action tools.
The Net Zero Now model is founded on consistent standards set by unique Sector Protocols, sector-specific roadmaps to Net Zero written in collaboration with the industry. Current partners include industry bodies – The Law Society, ICEAW, ACCA, AAT, TechNation, Tech UK, CISI and The Sustainable Restaurant Association – and corporate brand partners including Coca Cola, L’Oreal, Sage Group, Liontrust Asset Management and Pernod Ricard.
Each Sector Protocol is reflected in Net Zero Now’s intuitive digital platform which guides businesses through every stage of the journey to Net Zero. The tools provided help businesses to calculate, reduce and compensate for their greenhouse gas emissions, ultimately allowing them to provide credible and consistent carbon reporting and to establish a clear competitive advantage through Net Zero Now’s registered Certification Marks .
Luke Jackson, Associate at Turquoise, commented: “I’m delighted to announce this investment in Net Zero Now. Net Zero Now’s incredibly user-friendly and science-backed solution offers SMEs a clear and achievable path to Net Zero. The support from their corporate partners and industry bodies validates the work they’ve put in to develop the protocols and gives their clients confidence in the approach.” Luke will be taking a seat on the board as a director, representing LCIF2’s investment.
Neil Ross Russell, Managing Director, Net Zero Now, added: “We have two connected missions as a business – to boost business growth and tackle the climate crisis. We do that by equipping Britain’s businesses with the credible, consistent carbon data they need to take commercial advantage as we transition to a low-carbon economy. We already offer solutions to over hundreds of thousands of businesses across 9 sectors. This investment from LCIF2, Syndicate Room and our other new investors will allow us to scale our offering even further and deliver on our ambition to transform multiple industries to a low-emissions operating model.”
Graham Schwikkard, Chief Executive Officer, SyndicateRoom, commented: “Every business has to be aware of their carbon footprint, but it’s hard to know where to start and how to improve. We’re proud to invest in Net Zero Now as they aim to help all businesses get certified as Net Zero businesses. It’s a fantastic mission and we’re lucky to be following prominent angel investors into the round.”
LCIF2 is funded by European Regional Development Fund, with the UK’s Department for Levelling Up, Housing and Communities as the managing authority.
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.
SyndicateRoom is a venture capital firm that operates the Access EIS Fund, a uniquely data-driven approach to investing in startups that co-invests with leading business angels to gain access to the most promising investment opportunities, then builds large portfolios to optimise return potential.
About Net Zero Now
Net Zero Now is a sector-based climate action platform that collaborates with industry experts to define what Net Zero means for different sectors, offers businesses within the sector guidance and tools on how to get there and provides a standard against which businesses that want to claim Net Zero can be certified. Visit www.netzeronow.org or follow us on Twitter or find us on LinkedIn.