Scaler, a platform for decarbonising real estate with machine learning, ESG data collection and reporting, has raised $10 million USD led by Plural in Series A funding. The funding, which included participation from previous investor Base10, will be used to further develop the product, grow the engineering team and expand to new markets beyond Europe, to set a new standard in ESG decision-making.
Real estate is the world’s largest polluting industry, contributing nearly 40% of global emissions, of which 70% comes from building operations and 30% comes from construction. Regulatory and investor pressure is pushing the sector to reach Net Zero targets by 2050 but real estate investors and asset managers have to manage climate risks by investing in retrofitting and renewable energy whilst also delivering returns.
With only 2% of existing buildings able to support the transition to net-zero in their current form, building owners need tools that can help them meet new regulations effectively and sustainably, helping to avoid the financial and ESG risks that real estate potentially faces.
For the past decade, real estate investment firms have relied on a combination of increasingly complex spreadsheets, legacy software, and consultants to try to understand the impact of their assets, which hasn’t solved the problem. Founded in 2021, Scaler is building the software infrastructure to streamline ESG data collection and reporting and transform it into insights that will drive sustainable change to get to net zero.
Source: Press release sent 12 July 2024