Olive Gaea, a climate tech start-up in Dubai has gained 1$ million USD in a funding round from Cornerstone Ventures.
Olive Gaea, a Sustainability as a Service (SaaS) company, offers sustainable solutions in the MENA region. The company’s goal is to speed up the decarbonization process.
The funding will be utilized to launch a SaaS platform called the ‘Zero by Olive Gaea’ which is created for challenges faced by businesses in obtaining Net Zero and carbon management in the MENA region.
The company targets its operations in ESG and climate tech to offer AI-driven solutions to allow corporate climate action along with a reduction in carbon emissions.
With global government framework and customer expectations in sustainability ascending, Olive Gaea offers another ‘Zero’ SaaS product that concentrates on GHG emissions management and climate action disclosure in the MENA region.
Vivek Tripathi, Co-founder and CEO of Olive Gaea, stated: “As a homegrown business, we intimately understand the climate challenges specific to the MENA region.”
“Today, businesses are under immense pressure to take immediate climate action. Shockingly, 91% of them struggle to measure their greenhouse gas (GHG) emissions.”
“Even fewer can meet their carbon reduction targets. Having served governments and private entities in the MENA and India region for the past two years, we’ve gained extensive experience in understanding the challenges they face in their decarbonization and Net Zero journey.”
“Now, with the unwavering support of Cornerstone Ventures, Olive Gaea is ready to bridge the climate action gap by automating and simplifying decarbonization at scale.”
Nanika Kakkar, Investment Director, Cornerstone Ventures, expressed enthusiasm: “We believe every enterprise and organization must work towards achieving net-zero, and this shift is rapidly transitioning from mandatory to voluntary.”
“It’s a new way to build great businesses, and the time is now. We see Olive Gaea as a leading partner in helping prudent enterprises develop this capability, making them pioneers in the MENA and India region. Such an end-to-end solution is yet to emerge and will soon become a category creator.”
“We are thrilled to partner with Jessica and Vivek on their growth journey. Their passion for accelerating the climate agenda resonates with their customers as well.”
The funds will be utilized to launch and expand the ‘Zero by Olive Gaea’, making place in the markets across the GCC, MENA, and India.
The platform will be launched at Gitex Impact, an ESG summit and sustainability event, at the Dubai World Trade and Exhibition Center in Dubai.
The company will keep supplying services in various industries – construction, banking, metal, and services. Moreover, the company offers carbon footprint assessment along with Net Zero strategies for government and private entities.
