Carbon emissions management startup Carbonstop has raised RMB 50 million ($7.77 million) in Series A funding, the company announced this week.
Why it matters: Carbonstop could be on the leading edge of a funding trend as Beijing pushes to go green.
- In September, Chinese President Xi Jinping stepped up efforts to reduce China’s pollution by announcing plans to reach peak emissions by 2030 and carbon neutrality by 2060.
- Goldman Sacks estimates that investments in reducing emissions could reach $16 trillion in the next 40 years.
Details: Carbonstop’s RMB 50 million Series A was led by Hillhouse Capital and Matrix Partners China.
- The company provides a software-as-a-service solution to manage carbon emissions, allowing its customers to analyze and evaluate their emissions data.
- Founded in 2011, the Beijing-based company has provided its carbon accounting services to some of China’s biggest tech companies, including JD.com, Baidu, and Ant Group, as well as government agencies like the National Development and Reform Commission.
“Enterprise-side carbon neutrality, which got little attention 10 years ago, is becoming a requirement. I believe consumption-side carbon neutrality will follow this trend in the next 10 years.”Yan Luhui, founder of Carbonstop, in a statement May 10