Carbon procurement platform Abatable announced that it has raised $13.5 million, with proceeds enabling the company to acquire nature-based carbon credits provider Ecosphere+.

Founded in 2021, London-based Abatable provides a carbon procurement and market intelligence platform for the voluntary carbon market, aimed at enabling companies to connect with carbon project developers in order to address the climate impact of their hard-to-abate emissions. The platform offers access to more than 2,000 project developers across a range of project types and geographies.

The capital raise was made through an investment by Spanish investment management and private equity firm Azora Capital, and marks the second deployment from Azora’s European Climate Solutions growth equity strategy.

Abatable CEO and Co-founder Valerio Magliulo, said:

“We are thrilled to have the support of Azora as we accelerate our growth plans to support an increasing number of businesses taking climate action for their hard-to-abate emissions.”

Santiago Olivares, Azora’s Managing Partner, said:

“This investment will help accelerate Abatable’s growth strategy by enabling it to acquire Ecosphere+ and enhancing its ability to provide impactful decarbonisation strategies across a broader range of companies and industries.”

Founded in 2016 with investment from the Althelia Climate Fund (currently managed by Mirova), Ecosphere+ has transacted over 45 million carbon credits to date, and raised over $150 million in climate finance for projects globally. According to Abatable, the acquisition will allow the company to expand its services to a broader portfolio of clients, and provide access to an exclusive supply of high quality carbon credits.

Ecosphere+ CEO Lisa Walker said:

“Our acquisition by Abatable signals a strategic union of missions and complementary expertise. Abatable’s platform will propel our joint reach and impact and we’re thrilled to be on this new journey with the technology needed to accelerate and scale action for climate, nature and people.”

Abatable Co-founder Maria Eugenia Filmanovic added:

“We are delighted to work with Lisa and the rest of the Ecosphere+ team, who have been valued partners of Abatable, and continue to build on the great legacy of their previous owners, the Althelia Climate Fund, a pioneer impact investment platform focused on nature-based voluntary carbon markets.”