Net zero intelligence venture Faradai raises $2.4 million
INITIATIVES working on energy consumption and carbon intelligence continue to attract investors’ interest. Faradai, a Türkiye-born and Londonbased net zero intelligence company, has raised $2.4 million in pre-Series A round to expand its carbon and energy analytics solutions globally.
A company that operated under the name Reengen from Istanbul, Faradai moved its center to London in 2021.
The funding round was led by Edenbase from the United Kingdom and Sangha Capital based in Switzerland. It was joined by ACTAI Ventures, Goldacre, EthAum Ventures and multiple investment professionals from Goldman Sachs U.K. and angel investors from the United Arab Emirates (UAE), Türkiye and India.
The company has some prominent names among its earlier investors, including Capria Ventures, Farukl Eczacıbaşı, Cem Tüfekçi and Kerim Sengir.
NET ZERO JOURNEY
Many companies use Faradai to effectively collect, store, analyze and report their carbon emission and energy data, helping them to make savings, comply with legislation and navigate their net zero journeys.
Currently reporting data from more than 18,000 sites in 16 countries worldwide, Faradai’s platform is used by many of the world’s largest companies such as Shell, IKEA, PepsiCo, Vodafone, M&S, MediaMarkt, BBVA, BNP Paribas, QNB, Sephora, GAP, Işbank, QNB Finansbank, TEB, Garanti Bank, Yemeksepeti, Delivery Hero, Aygaz, SOCAR and DHL.
Over 55 million tons of carbon emissions were monitored and reported by Faradai’s cloud-based Net Zero Intelligence platform last year.
Faradai founders Şahin Çağlayan, Burak Sefer and Utku Simitli emphasize that it is their biggest goal to create an impact-oriented technology company coming from Türkiye and that has a global say.
“In the entrepreneurship ecosystem, there is a tendency to invest in companies that are popular according to the trends of the day, without driving people to consume more or creating added value. We aim to show that a company based on the sustainable development goals of the United Nations can also be a unicorn and set an example for young entrepreneurs,” they said.
They state their mission as driving climate action through data and insight.
“Many organizations have committed to net zero targets, with many others seriously looking at how they can improve the sustainability of their business and operations. However, setting targets is only the first step.”
“Constructing a credible and achievable plan for monitoring, reducing, or eliminating Scope 1, 2 & 3 emissions is a huge challenge for even the largest organizations.”
EUROPE, MIDDLE EAST, ASIA
Faradai Net-Zero Intelligence Platform’s Internet of Things and artificial intelligence capabilities, real-time data collection, detection of abnormalities and taking actions to reduce carbon footprint are some of the features decoupling it from its competitors.
For the expansion plans and further uses of the funds, co-founder and CEO Çağlayan said the funding would allow them to accelerate the advancement of their Net-Zero Intelligence Platform, expand their sustainability subject matter expertise through specialists and data scientists, and allow them to expand faster internationally, particularly in the U.K., Europe, Middle East and North Africa (MENA), and Asia-Pacific (APAC) regions.
As an academy spin-off company, Faradai got its first investment from U.S.based impact fund Capria Ventures in 2017 and commercialized its enterprise software platform. Faradai has performed multiple European Union FP7 and Horizon 2020 granted research and development (R&D) projects to develop the IP and technology base of the platform.
Faradai has established strategic partnerships with Cisco, Oracle, Atalian Global Services and ISS & Tech Data to provide joint product and service offerings. As of November 2022, the company has more than 150 enterprise customers.
Currently employing 80 team members in offices in London, Singapore, Istanbul, Dubai and Madrid, Faradai has been nominated by Digital Europe as one of the Future Unicorns, and announced by Microsoft CEO Satya Nadella as one of the most impactful startups in Europe, the Middle East and Africa (EMEA) region.