- UAE-based cleantech Olive Gaea has secured $1 million in funding from Cornerstone Venture.
- Founded in 2021 by Vivek Tripathi, Olive Gaea aims to accelerate the decarbonisation process, especially as Net Zero targets gain prominence on the national and international stages.
- The funding will enable Olive Gaea to launch its SaaS platform Zero by Olive Gaea, explicitly designed to address challenges businesses face in their Net Zero and carbon management endeavours in the Mena region.
In a significant stride toward a climate-resilient future, Dubai's very own climate-tech startup, Olive Gaea, has secured a game-changing $1 million in funding from Cornerstone Ventures, reaffirming its commitment to pioneering local climate solutions.
As global concerns about climate change reach unprecedented levels, Olive Gaea, a leading provider of sustainable solutions in the Mena region, is poised to lead the charge with this substantial funding.
Olive Gaea's mission is to accelerate the decarbonisation process, especially as Net Zero targets gain prominence on the national and international stages. The funding will empower the company to launch its groundbreaking SaaS platform, 'Zero by Olive Gaea,' explicitly designed to address the unique challenges businesses face in their Net Zero and carbon management endeavours in the Mena region.
Olive Gaea operates at the intersection of ESG and climate tech, offering AI-driven solutions to enable corporate climate action and reduce carbon emissions. As global regulatory frameworks expand and customer expectations for corporate responsibility rise, Olive Gaea's 'Zero' SaaS product fills a crucial need for GHG emissions management and climate action disclosure in the Mena region.
Vivek Tripathi, co-founder and CEO of Olive Gaea, stated: "As a homegrown business, we intimately understand the climate challenges specific to the MENA region. Today, businesses are under immense pressure to take immediate climate action. Shockingly, 91% of them struggle to measure their greenhouse gas (GHG) emissions. Even fewer can meet their carbon reduction targets. Having served governments and private entities in the Mena and India region for the past two years, we've gained extensive experience in understanding the challenges they face in their decarbonisation and Net Zero journey. Now, with the unwavering support of Cornerstone Ventures, Olive Gaea is ready to bridge the climate action gap by automating and simplifying decarbonisation at scale."
Nanika Kakkar, investment director, Cornerstone Ventures, expressed enthusiasm: "We believe every enterprise and organisation must work towards achieving net zero, and this shift is rapidly transitioning from mandatory to voluntary. It's a new way to build great businesses, and the time is now. We see Olive Gaea as a leading partner in helping prudent enterprises develop this capability, making them pioneers in the Mena and India region. Such an end-to-end solution is yet to emerge and will soon become a category creator. We are thrilled to partner with Jessica and Vivek on their growth journey. Their passion for accelerating the climate agenda resonates with their customers as well."
The funds secured will be used to officially launch and expand the 'Zero by Olive Gaea' platform, extending Olive Gaea's market presence across the GCC, Mena, and India. The company will continue to provide unwavering support to valued clients across various industries, including construction, banking, metal, and services.
The Carbon Management and Accounting Platform (CMAP) simplifies the complex journey to achieving Net Zero by offering a comprehensive solution to measure, reduce, offset, and report carbon footprint in line with global standards and frameworks, including the Greenhouse Gas Protocol, SBTi, PCAF, TCFD, and GRI, among others.
In addition to 'Zero,' Olive Gaea offers carbon footprint assessments and Net Zero strategies, having successfully served both government and private entities in the UAE, Saudi Arabia, and India since its launch in Q1 2022. The company has also recently unveiled its Carbon Neutral Delivery API solution for e-commerce companies, enabling them and their customers to calculate and offset emissions associated with last-mile delivery through certified carbon offsetting projects.