Last week AirCarbon Exchange (ACX) said it raised US$15 million in convertible notes led by Singapore-based decarbonization investor TRIREC. The startup provides exchanges for voluntary carbon credits and a variety of blockchain-based tokenized carbon assets.
Other backers of this pre-Series B round include Thailand’s Banpu Public Company and Mubadala Investment Company PJSC following an earlier Mubadala funding in November. This brings the total funds raised to $25 million, including an investment from the Deutsche Börse in March as part of a strategic partnership with Deutsche Börse owned European Energy Exchange (EEX).
TRIREC credited a strong founding team, “coupled with the robust structural tailwinds that the carbon markets are facing; we are convinced that ACX will be a major driver of growth in our portfolio and a significant participant in the ecosystem,” said Mevlyn Yeo, Founder and Managing Partner of TRIREC.
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