Kloopify Launches Climate Action Platform After Raising $1.5 Million Seed Funding

Kloopify, the only climate action platform for the commodities companies buy, announced a $1.5 million seed funding round led by Black Tech Nation Ventures, a Pittsburgh-based venture capital fund aimed at funding tech start-ups founded by Black and diverse entrepreneurs. This capital will further Kloopify’s mission of accelerating revenue growth for businesses making the transition to environmentally sustainable purchasing decisions. Also participating in the round are Innovation Works, Hypothesis, The Fund Midwest, The Unity Now Fund and The Urban Redevelopment Authority (URA).

The business case for sustainability is clear: Sustainable companies outperform their peers in all profit metrics by up to 6% and avoid significant supply chain disruption. Kloopify seeks to help businesses create competitive advantage by becoming first-movers in the pursuit of decarbonization, capitalizing on the business value and reducing regulatory risk while decreasing their climate impact.

Recommended AI: Cognni Launches AI-Powered Automated Infosec Risk Assessment Product

“Businesses know there’s tangible value in reducing the carbon emissions created by their suppliers, but until now haven’t had the right data or tools to enable their teams to take action. We are closing that gap by providing a solution for procurement teams to make the transition to procuring environmentally sustainable goods and services. Empowering the people making the purchasing decisions is the only way to make meaningful progress toward reducing climate impact,” said Daniela Osio, Kloopify co-founder and CEO.

In a pilot for the City of Pittsburgh, Kloopify ingested data from $71 million in purchases across 1,419 suppliers. The platform revealed that only 36 suppliers made up 33,800 tons of CO2, the same amount of CO2 produced by 26,704 gas powered cars over one year. Surprisingly, 8% of the city’s spend was on energy which accounted for 41% of the procurement related emissions. We know that the city actively engages in mitigation efforts to offset these emissions, but by using Kloopify’s platform, they were able to better highlight and articulate why those mitigation efforts are so important for the city’s climate goals.

Recommended AI: SAS Joins CESMII to Accelerate the Adoption of Analytics and AI

According to Jennifer Olzinger, Chief Procurement Officer at City of Pittsburgh “Through our work with Kloopify, we were able to understand the greenhouse gas emissions from our purchased goods and services, something that would have taken a full-time employee a year to complete. This data gave us clear direction for where to focus our reduction efforts, and will allow us to make major strides towards our 2030 goals.”

Kloopify is the leading solution that provides purchasing professionals with automated, near-time data into the climate impact of the commodities they buy. The self-serve software platform creates the ability to integrate carbon emissions data into everyday procurement processes. Businesses can quickly see where their greatest emissions are coming from and take meaningful action toward reduction. Kloopify ties sustainability goals to action

“We’re seeing significant disruption throughout the supply chain as businesses strive to reach net zero. With new disclosure regulations coming from the ISSB and SEC, waiting to implement green strategies is no longer an option. Today, Kloopify is the strongest solution providing near-time visibility into the emissions associated with procurement and turning sustainability goals into action,” said Kelauni Jasmyn, general partner, Black Tech Nation Ventures and Kloopify board member.

Recommended AI: Millennium Physician Group and Navina Release Value-Based Results of Technology Implementation

[To share your insights with us, please write to sghosh@martechseries.com]