Accacia, a decarbonisation platform that focuses on the real estate and infrastructure sectors, raises $2.5 million in seed funding led by Accel and B Capital. Blume Ventures, Good Capital, Zerodha’s Rainmatter Fund and Canada-based Loyal VC, along with several leading angels, also participated in the round.
It was founded in 2022 by INSEAD alumni Annu Talreja and cofounders Piyush Chitkara and Jagmohan Garg, Accacia has deployed its solution to over 20 million square feet of institutional real estate across Asia.
The company was also selected in the “Future of Buildings” category at the New York Climate Summit in 2022 and UOB’s Finlab accelerator for fintech with a sustainability focus. The company will use the capital to expand its presence across Southeast Asia, the Middle East, the U.S. and Canada over the next year.
“Real estate and construction activities contribute to about 40 per cent of global Greenhouse Gas (GHG) emissions. The sector lacks robust tools to measure climate risks and define decarbonisation strategies. We are working with large asset managers, developers, and real estate operators to help them with tools they need to define and monitor their path to net zero,” said Annu Talreja, Founder and CEO at Accacia.
“With the impact of climate change becoming increasingly tangible, the real estate industry is at an inflection point. The entire industry including how we design, construct, operate and even value assets are being impacted by climate change and needs to evolve. We strongly believe in Accacia’s approach of a global sector-focused platform based on our extensive work and found a great founder-market-fit with Annu’s extensive experience in the industry,” said Karan Mohla, Partner at B Capital.
“Only 3,000 of roughly 40,000 listed companies currently report their emissions, making climate reporting and decarbonisation a massive opportunity. At Accel, we firmly believe that SAAS is the solution to scale-up net-zero efforts across sectors. The team at Accacia has developed a unique solution that encompasses the design, operations and financial aspects of climate risks in real estate and we strongly believe that they will have an early-mover advantage to carve an industry-leading position,” said Prashanth Prakash, Partner at Accel.
Decarbonisation of real estate is one of today’s biggest and most critical opportunities – a staggering $18 trillion of investment is required over the next decade to get the real estate industry to net zero.
Accacia’s tech platform integrates with existing property management and energy management systems to automate real-time data capturing and tracking. The real estate industry has recently become the focus for climate solutions with several large VC funds raising dedicated capital to decarbonise buildings.