An AI platform that recently won backing to set up a new supermarket carbon footprinting model has attracted a flood of investment from venture capital groups and banks.
Mondra, the product footprinting and supply chain decarbonisation platform, revealed it had raised £3.6m in “pre-Series A funding”, which would help it roll out the system across the UK, as well as look to expand internationally.
In December, a raft of leading supermarkets and the BRC announced they would start using a common carbon footprinting model across their supply chains, under a system led by Mondra, as a precursor to the launch of mandatory government targets.
A system of life-cycle assessments (LCAs) will be used to compile data for tens of thousands of products, breaking down their impact to ingredient level, across all major food and drink sectors.
Tesco, M&S, Ocado Retail and Asda, as well as a list of major suppliers including Avara, Samworth Brothers, Greencore, Bakkavor and Cranswick, have joined the BRC and Mondra coalition.
Mondra’s new investors include 7 Generation Ventures, AlbionVC, GC Foodtech Ventures, Foodsparks by Peakbridge, Ponderosa Ventures, and Vala Capital.
“We’ve developed a technology platform to tackle one of the biggest environmental issues in the food supply chain, GHG emissions, of which food is estimated at around 30% globally,” said Mondra founder Jason Barrett.
“If the industry is going to achieve its net zero targets, they need to be able to consistently measure, reduce and report with accuracy their Scope 3 emissions and decarbonise their supply chains.
“Following three years of R&D, we formally launched the platform in 2023. It’s been a great start to our journey but there’s so much to achieve and this investment will supercharge our UK growth and support our entry into Europe.”
Chloë Payne, investor at Ponderosa Ventures, said: “We believe that Mondra’s footprinting solution can not only assist companies in meeting their Scope 3 emissions reductions targets but can also support product development teams in improving products to meet the demands of end-consumers.”
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