Dubai-based cleantech firm Olive Gaea has secured a significant $1 million investment from Cornerstone Ventures. Established in 2021 by Vivek Tripathi, Olive Gaea is dedicated to accelerating the decarbonization process, particularly in light of the increasing global emphasis on Net Zero targets. This funding will enable Olive Gaea to launch its innovative SaaS platform, known as ‘Zero by Olive Gaea,’ specifically designed to address the unique challenges faced by businesses in the MENA region as they strive to achieve Net Zero and manage carbon emissions.
Olive Gaea operates at the intersection of ESG (Environmental, Social, and Governance) and climate technology, offering AI-driven solutions to support corporate climate action and carbon emissions reduction. As regulatory frameworks expand globally and customer expectations for corporate responsibility grow, the ‘Zero’ SaaS product by Olive Gaea fills a crucial need for managing GHG (Greenhouse Gas) emissions and disclosing climate action in the MENA region.
Vivek Tripathi, the co-founder and CEO of Olive Gaea, emphasized their commitment to addressing the region’s climate challenges and supporting businesses in their decarbonization and Net Zero efforts. The support from Cornerstone Ventures will enable Olive Gaea to automate and simplify decarbonization at scale.
Nanika Kakkar, Investment Director at Cornerstone Ventures, expressed excitement about the partnership and stressed the importance of every enterprise working towards achieving Net Zero. She sees Olive Gaea as a leading partner in helping businesses develop this capability and believes their solution will become a category creator.
The funds secured will be used to officially launch and expand the ‘Zero by Olive Gaea’ platform, expanding Olive Gaea’s presence in the GCC, MENA, and India. The company will continue to provide support to clients across various industries, including construction, banking, metal, and services.
Olive Gaea’s Carbon Management and Accounting Platform (CMAP) simplifies the journey to achieving Net Zero by providing a comprehensive solution for measuring, reducing, offsetting, and reporting carbon footprints in alignment with global standards and frameworks.
In addition to ‘Zero,’ Olive Gaea offers carbon footprint assessments and Net Zero strategies and has served government and private entities in the UAE, Saudi Arabia, and India since its launch in Q1 2022. The company has also introduced its Carbon Neutral Delivery API solution for e-commerce companies, allowing them and their customers to calculate and offset emissions related to last-mile delivery through certified carbon offset projects.
Souce: Wamda