Carbon management start-up Avarni has raised $3 million in funding to fuel its work in helping consultancies and enterprise companies across the globe understand, report, and forecast their carbon emissions.
This is Avarni’s second fundraising campaign since its founding in 2021 and was led by deep tech venture firm Main Sequence, along with existing investors Vulpes Ventures and Common Sense Ventures.
Avarni has garnered attention for having developed a platform that speeds up the process of assessing, planning and monitoring carbon emissions across an organisation and its supply chain while allowing them to also forecast different decarbonisation scenarios. The platform is seen to have helped businesses set scientific-based net-zero targets, and report on carbon emissions aligned with international standards set by the Task Force on Climate-Related Financial Disclosures (TCFD).
Avarni has secured deals with major consulting firms such as KPMG Australia, as well as other major global enterprises such as Point B and 5B in expanding their decarbonisation solution sets. It is also a technology partner at the McKinsey Digital Capability Center, part of McKinsey & Company’s global Digital Capability Center Network.
“Since our launch roughly a year ago, we have made huge strides in Australia and globally to help companies continue to progress their decarbonisation journey, and use our AI-backed platform to allow businesses to access their Scope 3 emissions quickly, effectively and without the burden of significant cost,” co-founder and CEO of Avarni Tony Yammine said. “Climate risk is one of the biggest concerns for executives, boards and shareholders today, and that’s not going away anytime soon. Now, we’re entering a new exciting phase, which will see us remain laser focused on providing extensive data sets and insights to become the go-to carbon management platform for companies and their advisors.”
Mike Zimmerman of Main Sequence, who will join the Avarni Board, said that despite the vast numbers of commitments to emissions targets, as well as the growing number of countries mandating disclosures, enterprises are struggling to understand, let alone manage, their Scope 3 emissions.
“Avarni’s traction with some of the world’s largest consultancies and their clients puts them in a great position to help us decarbonise the planet,” Zimmerman said.
Field Pickering, Managing Partner at Vulpes Ventures, said that what Avarni has achieved over the last year has been “phenomenal” and that they are on a strong trajectory despite a challenging economic environment.
“The team is rapidly building one of the biggest data sets available on corporate emissions,” Pickering said. “This is the intelligence businesses need to inform their decarbonisation strategies – and Avarni is at the forefront of rapidly collecting this information.”
