Swedish climate fintech Doconomy bags €34m in Series B funding
Swedish climate tech start-up Doconomy has raised €34 million during a Series B funding round co-led by UBS Next, the venture and innovation division of UBS, and existing investor CommerzVentures.
Doconomy secures €34m Series B round
The round was also joined by previous backers Tenity, Motive Ventures and PostFinance, alongside new investor S&P Global, a New York-based impact data provider.
Doconomy states the newly obtained funds will be utilised to fuel the company’s expansion in North America, drive “broader engagement and adoption of its tools”, and support the further development of its product suite.
Founded in 2018 by Mathias Wikström and Johan Pihl, Doconomy says it aims to ensure the “future sustainability of life on Earth by empowering individuals and corporations to assume responsibility for their environmental footprint”.
The firm, which claims to serve over 100 clients across 35 markets, offers a range of climate-focused transaction and savings solutions which utilise its proprietary Åland Index.
The Åland Index is a cloud-based service designed for calculating the climate impact of financial activities, including CO2 and H2O emissions from payments and transactions.
Last year, Doconomy acquired financial well-being firm Dreams Technology in an attempt to combine its own expertise in quantifying environmental footprints with Dreams’ digital engagement tools.
