Squake Raises €3.5 Million to Power Travel Carbon Emissions Calculations
Squake, a Berlin-based startup, has successfully raised €3.5 million ($3.8 million) in a recent funding round to support its cutting-edge technology for calculating carbon emissions in the travel and logistics industries.
Led by Simon Capital and joined by Schenker Ventures, Rivus Capital, Neosfer, Backbone Ventures, as well as investors Michael Riegel and Matthäus Niewodniczanski, this funding round brings Squake’s total funding to €5 million. Originally born from the Lufthansa Innovation Hub, Squake has been operating independently since 2021.
Empowering Sustainable Choices with Comprehensive Carbon Calculations
Squake’s software offers carbon emissions calculations for various travel and logistics activities, including flights, shipping, car rentals, and hotels. The calculations adhere to national and international standards, enabling travelers and companies to access valuable information to make more sustainable choices.
Subscribers to the Squake service can integrate the software into their booking tools and ordering platforms, allowing travelers and logistics buyers to view carbon emissions data seamlessly.
Connecting Clients with Sustainability Partners
In addition to carbon calculations, Squake acts as a bridge between its clients and potential sustainability partners. By leveraging its network, Squake connects companies with sustainable aviation fuel providers, direct carbon capture initiatives, and reforestation programs.
This comprehensive approach aims to assist organizations in aligning their operations with sustainable practices and mitigating their environmental impact.
Funding Allocated to Research, Development, and Expansion
The recently secured funding will be utilized to further advance Squake’s technology through research and development efforts.
The company also plans to expand its team by hiring talented professionals who can contribute to its mission of transforming the travel and logistics industries. The infusion of capital will support Squake in growing its business and increasing its market reach.
Urgency for Swift Transformations to Address Global Warming
Squake’s CEO and co-founder, Philipp von Lamezan, emphasized the critical need for rapid corporate change in addressing global warming. While consumer-led efforts are important, von Lamezan highlighted the significance of companies taking swift action in response to customer, competitor, and investor demands.
Squake aims to assist companies in adapting and implementing sustainable practices by providing them with the necessary tools and insights.
Tech Startups Driving Innovation in the Travel Industry
Squake’s successful funding round is part of a broader trend in the travel tech sector, where startups are leveraging technology to revolutionize the industry. Another notable example is HiJiffy, which utilizes ChatGPT technology to power a chatbot specifically designed for hotels.
The recent influx of venture capital into these innovative startups highlights the growing recognition of the importance of sustainability and technological advancements in shaping the future of travel.