Climate startup Supercritical nabbed $13 million to help carbon removal projects get funded. Check out the 11-slide pitch deck it used to secure the funds from Lightspeed.
It's a massive and urgent scaling challenge, one that makes the case for investing in carbon removal in parallel to rapid decarbonization, You, who previously cofounded music startup Songkick, added. You cofounded Supercritical with Songkick's former chief technology officer Aaron Randall in 2021.
Offtake agreements are essentially long-term contracts committing to the purchase of credits. Supercritical recently brokered its first agreement between a customer and biochar startup Carbo Culture. The company will use the Series A financing to turn its offtake services into a product, and make it easy for others to commit to long-term carbon removal."That's how renewables scaled back in the mid 2010s, with power purchase agreements. We've taken inspiration from them," You said. , a $1 billion commitment for carbon removal from big tech companies including Alphabet, Meta and Stripe.
The cash injection, with participation from RTP Global, Greencode Ventures, MMC Ventures, brings the company's total raised to $15.5 million. Supercritical set out to create a gender-balanced cap table in its seed round and maintained it during the Series A.
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