Squake, the Berlin-based climate tech startup that provides carbon calculations and a compensation platform for travel and logistics emissions, has raised €3.5 million in funding to be used for technology research and development and new hires to meet customer demand.
The funding round, which takes Squake’s total capital raised to €5 million, was led by Simon Capital, with participation from Schenker Ventures and Rivus Capital. Existing investors Neosfer and Backbone Ventures also participated in the round, along with business angels Michael Riegel and Matthäus Niewodniczanski and Lufthansa Group, where Squake was part of the company’s innovation hub.
Founded in 2020 and operating independently since 2021, the company’s application programming interface (API) blends into the backend of digital infrastructure to provide carbon calculations for different types of travel and logistics activities, including flights, shipping, car rentals and hotel stays.
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CEO and co-founder Philipp von Lamezan said the sustainable transformation of the travel industry faces many challenges.
“Consumer-led efforts will only get us so far, which is why corporate change is so crucial,” he said. “With customer, competitor and investor-related pressures growing, we support companies by helping them react as fast as possible to ensure swift transformations.”
Jan Leicht, a partner at Simon Capital, said: “The mobility of people and goods are central in our everyday lives and will continue to impact all efforts to reduce our carbon emissions. To us, Squake clearly stands apart from competitors through its unique history of being born from and built for the industry.”
Paulina Banszerus, head of venture capital at Schenker Ventures, said: “We have been impressed by the tech built by Squake. We see great potential for driving the sustainable transformation of our industry with this solution.”