Additionally, it will help the further development of its Impact Applied Portfolio, enabling environmental impact calculations on products, financial transactions, lifestyle and corporations to inspire further climate action worldwide.

While this funding round was led by CommerzVentures. Citi Ventures, Citigroup’s venture capital team, and Ingka Investments also participated. Additionally, existing investors Mastercard and Ålandsbanken also contributed to this round.

Doconomy previously partnered with the United Nations Framework Convention on Climate Change (UNFCCC) to launch the Carbon Lifestyle Calculator during COP26. The company’s technology is already used in 30 countries by leading banks and brands, such as BNP Paribas, Klarna, Nordea and Standard Chartered. They aim to make their services available in 20 additional markets in 2022.

Mathias Wikström, co-founder and CEO of Doconomy says: “With Doconomy the power of the conscious consumer is unleashed. Corporates are increasingly acting on the much needed shift to greater transparency and Doconomy facilitates this at the corporate and product level to empower behaviour change.

“In addition to the coalition of corporate climate champions that already work with Doconomy, we are thrilled to have the support of corporate venture teams at Ingka Group and Citi who recognize the potential and urgency of our mission.”

Jelena Zec, SVP, Venture Investing at Citi Ventures, adds: “Citi Ventures has been impressed by Doconomy’s team, proprietary methodology and proven ability to build partnerships to deliver tangible climate action.”

Krister Mattsson, managing director of Ingka Investments, Ingka Group, continues: “Both Ingka and Doconomy have great ambitions in shaping tomorrow’s sustainable homes through new products and services. With Doconomy we see a big potential in developing solutions to support people and products and services suppliers to measure, understand and reduce climate impact.”