URECA, a Singapore-headquartered climate tech company, has closed a pre-seed round at $1.5 million, exceeding the company’s original target to raise $1 million.
- Originally from Mongolia but headquartered in Singapore, URECA claims it's on a mission to empower and mobilize grassroots communities against climate change by providing a universally accessible platform for high-quality carbon offsets.
- Aside from providing a marketplace for high-quality carbon offsets as investable assets, URECA’s digital measurement, reporting and verification (MRV) technology enables individual households and small and medium-sized enterprises (SMEs) transitioning to clean energy to produce and sell carbon offsets.
- Over the next few months, URECA plans to expand the reach of the technology into other high-quality carbon offset projects. The company is already working on energy efficiency programs and is exploring moving into nature-based solutions.
- URECA will use a combination of technology and fieldwork to ensure that the verified credits listed on its marketplace are of high quality and meet the most stringent requirements.
- This funding will be used to scale URECA’s operations across Southeast Asia and to accelerate the launch of its unique marketplace that enables people to invest directly into climate solutions, planned for early 2023, URECA said in a statement.