Climate technology startup CarbonBlue announced on Monday that it has closed a $10 million seed funding round to scale and deploy its water-based carbon dioxide removal (CDR) technology. Approximately $3 million of the round was raised through a SAFE agreement.
The round was led by Ibex Investors and Fresh Fund, with participation from strategic investors Engie New Ventures and ZIM Ventures, the corporate venture capital arm of ZIM Integrated Shipping Services, and includes follow-on investments from existing investors Jibe Ventures, MoreVC and Secret Chord Ventures.
CarbonBlue’s direct water capture technology is unique in that it can utilize any type of water in an environmentally friendly process. This universal water compatibility allows for integration with any water utilization facility, potentially transforming any existing water infrastructure into a CDR asset in the fight against global warming.
The company was founded in 2022 by Dr Dan Deviri (CEO) and Iddo Tsur (COO) and is building Maagan Michael desalination plants and integrated facilities, with projects across Europe, the MENA region, North and South America.
“The closing of our seed round marks an important chapter in our company’s journey,” said De Viri, CarbonBlue’s co-founder and CEO. “It allows us to expand our collaborations with leading companies in the climate, energy and water sectors to strengthen and mature our technology and its applications. This trust from industry leaders validates our approach and demonstrates that they believe climate change will deeply impact their core business, and that CarbonBlue’s contribution to this global effort is an important one.”
“What sets CarbonBlue apart from other CDR companies is its ability to directly support and integrate mission-critical infrastructure projects such as fuel switching and desalination. The combination of CDR and industry co-interests is the secret sauce that Dan and Ido have delivered. Their strategic partnerships and investors are a testament to this development,” added Jonathan Schwartz, investor at Ibex Investors.
