Accacia, a decarbonisation platform focused on real estate and infrastructure sectors, on December 6 announced that it has raised $2.5 million in seed funding led by Accel and B Capital. Blume Ventures, Good Capital, Zerodha’s Rainmatter Fund and Canada-based Loyal VC, along with several leading angels, also participated in the round.
Both B Capital and Accel Partners raised new funds of around $250 million and $650 million respectively earlier this year and are currently hunting for new opportunities in the early stages to deploy it.
The fresh capital raised by Accacia will be utilized to expand its presence across Southeast Asia, the Middle East, the US and Canada over the next year.
Founded in 2022 by INSEAD alumni Annu Talreja and co-founders Piyush Chitkara and Jagmohan Garg, the startup has deployed its solution to over 20 million square feet of institutional real estate across Asia.
Annu Talreja, Founder and CEO at Accacia, said, “Real estate and construction activities contribute to about 40 percent of global Greenhouse Gas (GHG) emissions. The sector lacks robust tools to measure climate risks and define decarbonisation strategies. We are working with large asset managers, developers, and real estate operators to help them with tools they need to define and monitor their path to net zero.”
“With the impact of climate change becoming increasingly tangible, the real estate industry is at an inflection point. The entire industry including how we design, construct, operate and even value assets is being impacted by climate change and needs to evolve,” said Karan Mohla, Partner at B Capital.
“Only 3,000 of roughly 40,000 listed companies currently report their emissions, making climate reporting and decarbonisation a massive opportunity. At Accel, we firmly believe that SAAS is the solution to scale-up net-zero efforts across sectors,” Prashanth Prakash, Partner at Accel, added.
“The team at Accacia has developed a unique solution that encompasses the design, operations and financial aspects of climate risks in real estate and we strongly believe that they will have an early-mover advantage to carve an industry-leading position,” Prakash said.