ClimateTrade, a spain-based blockchain-enabled climate marketplace, has raised €7 million ($7.92 million) in a Pre-Series A closed in Europe in late 2021, and is raising another €13 million ($14.71 million) in a US-focused round set to close upon ClimateTrade’s US reincorporation in the next five months.

In total, the company is targeting €20 million ($22.63 million) of funding for international expansion, ClimateTrade said in a statement.

It also said that this new capital will help to grow the startup’s activities in Europe, Asia and the US with new offices in four countries, to expand its technological product offering and to hire new talent.

According to the statement, the first round was oversubscribed, with interest from more than 90 investment funds.

The €7 million ($7.92 million) was provided by Spanish venture capital (VC) firm Conexo Ventures, US power and technology fund ClearSky, blockchain investors Borderless Capital and Algorand, SIX FinTech Ventures, the VC arm of Swiss financial infrastructure provider SIX Group, Spain’s Telefónica via its open innovation hub Wayra, the investment arm of Japanese corporation Omron Ventures, climate VC Amasia, and Valencian impact fund Zubi Capital, which is backed by the founder of payment unicorn Flywire, Iker Macaide.

The second phase of this Series A, expected to raise €13 million ($14.71 million), will be closed in the US upon ClimateTrade’s reincorporation later this year, and has received interest from several global investors.

ClimateTrade US will be headquartered in Miami, a strategic choice given the city’s interest in combating the climate crisis, and its emergence as a global hub for the decentralized economy.

“For four years, ClimateTrade’s vision has been to enable climate action through technological innovation. Our blockchain-backed marketplace allowed companies to offset almost two million tons of CO2 in 2021 alone. This oversubscribed funding round is a testament to the impact ClimateTrade has already generated, and we are excited to further our action against climate change with this new infusion of capital,” said Francisco Benedito, ClimateTrade’s Chief Executive Officer.

ClimateTrade is a Spanish-based marketplace helping companies achieve their decarbonization goals by financing certified carbon offsetting and climate-regenerative projects around the world.

Its clients include Cabify, Banco Santander, Telefónica, Correos and Telégrafos, Prosegur and many others. A pioneer in the development of its blockchain marketplace for climate, the company recently launched an API and Widget to allow companies to offer carbon-neutral products and services to their customers.

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