Supercritical Secures $13 Million Funding to Accelerate Growth in High-Quality Carbon Removal Marketplace

June 22, 2023

Supercritical, the UK-based carbon removal marketplace, recently secured $13 million in a Series A funding round, led by Lightspeed Venture Partners. This significant injection of capital is poised to catapult Supercritical into a new phase of growth, with plans to expand its team, reach more customers, and enhance its platform offering. The marketplace, founded by co-founder and CEO Michelle You, focuses exclusively on high-quality carbon removal projects, ensuring that only 6% of carbon removal (CDR) initiatives pass its rigorous vetting process to be featured on the platform.

Supercritical's mission is to serve as a trusted partner for businesses committed to achieving net-zero emissions. The marketplace provides a platform where businesses can purchase fully qualified carbon removal credits, meeting the stringent standards set by the Science Based Targets initiative (SBTi). Michelle You emphasises the importance of Supercritical's role in supporting sustainability programs that not only focus on reducing emissions but also prioritise durable carbon removal, the only type of offset that contributes to achieving net zero.

The urgency of carbon removal solutions is underscored by the Intergovernmental Panel on Climate Change (IPCC), which asserts that such measures are crucial to limiting global temperature increases to below 1.5°C. However, the carbon removal industry faces a scaling challenge. In 2022, only 0.01% of the required 10 gigatonnes of carbon dioxide removal (CDR) were purchased globally. Supercritical seeks to address this gap by aggregating demand from corporate buyers and acting as a market maker, helping CDR projects scale effectively.

The Series A funding, led by Lightspeed Venture Partners and supported by RTP Global, Greencode Ventures, MMC Ventures, and others, will be instrumental in Supercritical's ambitious plans. Michelle You expresses excitement about entering a new chapter and playing a meaningful role as a market maker for promising carbon removal projects. The funds will be utilised to expand the team, increase customer outreach, and further develop the platform to meet the growing demand for high-quality carbon removal solutions.

The significance of Supercritical's role in the carbon removal landscape is echoed by Paul Murphy, Partner at Lightspeed Venture Partners. He emphasizes that achieving net-zero goals for corporations is unattainable without a robust and quality carbon removal platform like Supercritical. The marketplace's commitment to exclusively focusing on carbon removal offsets aligns with the evolving market trend, where businesses are increasingly recognising the need for impactful and verified climate actions.

Supercritical's marketplace not only facilitates the purchase of carbon removal credits but also plays a pivotal role in accelerating the growth of carbon removal technologies. By working with innovative startups in the climate space, Supercritical ensures access to cutting-edge carbon removal methods, ranging from biochar and direct air capture (DAC) to enhanced weathering and afforestation.

In a rapidly evolving market, Supercritical stands out as a leading player in the carbon removal space. The company has already made substantial strides, with 35% of corporate carbon removal purchases occurring through its platform. Notable clients include business banking platform Tide, algorithmic trading firm XTX Markets, and other ambitious businesses committed to carbon neutrality.

Supercritical's commitment to transparency, high-quality standards, and market innovation positions it as a key player in addressing the critical challenge of scaling carbon removal solutions. As the world moves towards achieving net-zero emissions, Supercritical's marketplace emerges as a crucial facilitator for businesses seeking credible and effective carbon removal options, contributing to the collective effort to combat climate change.