Tuesday June 18th, 2024
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UAE-Based Zero Carbon Ventures Closes $5 Million Seed Round

The company has also appointed His Highness Sheikh Ahmed bin Mana bin Khalifa Al Maktoum as a strategic investor and chairman.

Startup Scene

UAE-Based Zero Carbon Ventures Closes $5 Million Seed Round

Zero Carbon, a UAE-based company dedicated to advancing carbon-reducing technologies in the MENA region, has closed a $5 million seed round. Concurrently, His Highness Sheikh Ahmed bin Mana bin Khalifa Al Maktoum has joined as a strategic investor and chairman of the board of directors, further emphasising his commitment to supporting Zero Carbon's mission and driving global sustainability initiatives.

The lack of financial backing has weighed down the climate tech sector in the region for a long time. According to a 2016 study by Wamda Research Lab, the absence of funds and lack of VC interest were the major reasons behind the slow growth of the sector. However, the Middle East is the fastest-growing region in terms of adaptation of technology, allowing for the adaptability of startups and investors alike.

"Our ambition has always been to enact tangible change. Our fully established and experienced senior management team, with His Highness by our side, is incredibly well-positioned to drive our sustainability initiatives even further," Martin Reynolds, CEO of Zero Carbon, tells StartupScene.

Since its establishment in 2022, Zero Carbon has made notable progress in driving sustainability initiatives. With a diverse team of over 20 business leaders, engineers, scientists, and program managers, the company is uniquely positioned to deliver substantial sustainability projects and assist large-scale organisations and industries in achieving tangible emission reductions through technological innovation.

"I initially met Martin and the Zero Carbon team in April this year, and fell in love with their vision. The world now needs people like them to actually get to work on the delivery of these kinds of projects. I hired Zero Carbon to begin work on decarbonizing my own Dubai real estate portfolio. I see immense potential in Zero Carbon,” His Highness Sheikh Ahmed says.

With the upcoming COP28 event in Dubai Expo City, the company, like many other cleantech startups across the region, is preparing to take a prominent role in global sustainability dialogues and actions.