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Venture arm of fuel card company WEX joins Ansa-led round
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Series A raises $13 mln; Ansa executive to join board
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Comes as more countries seek emissions disclosures
By Simon Jessop
LONDON, Jan 21 (Reuters) - U.S. carbon accounting firm
Gravity said it has won backing from Ansa Capital and the
venture arm of fuel card company WEX in a $13 million
funding round as it looks to help energy-intensive companies
track and reduce their emissions.
Countries across the world are increasingly asking companies
to disclose their carbon emissions as part of efforts to curtail
global warming and more boards are looking to make energy
efficiency savings.
While various start-ups have sought to capture this demand,
many require manual data entry that can be time consuming and
costly, whereas Gravity is automated, Chief Executive and
co-founder Saleh ElHattab said.
"Ultimately, behind every ton of emissions is a cost -
whether it's energy spend, logistics investments, or purchased
goods and services," ElHattab said in a statement.
"Gravity taps into the fact that these cost centers are
already well-tracked and can be measured automatically, while
connecting the task of reporting back to every company's core
financial priorities of cost and risk mitigation."
New investors Communitas Capital and Buoyant Ventures joined
in the Ansa-led Series A round with WEX Venture Capital.
Existing investors Eclipse, Hanover, and Caffeinated Capital
also took part.
The money will be used to expand Gravity's research and
development efforts, as well as hire staff in the United States
and European Union, it added.
"We believe Gravity will be instrumental in helping the
largest emitters move beyond emissions calculation to actively
managing their energy costs...on one convenient platform," said
Ansa Co-Founder Marco DeMeireles, who will join Gravity's board.