Spanish real estate investment manager Azora Capital has bought a minority stake in London-based carbon offset procurement platform Abatable for $13.5m (£10.8m).
Abatable focuses on providing a procurement platform for companies to connect and transact with carbon project developers. It has access to more than 2,000 such developers.
Azora said the investment will form the second deployment of its European climate solutions private equity strategy, which targets growth companies providing decarbonisation solutions for real assets.
Azora managing partner Santiago Olivares said: “This investment will help accelerate Abatable’s growth strategy by enabling it to acquire Ecosphere+ and enhancing its ability to provide impactful decarbonisation strategies across a broader range of companies and industries.”
Abatable co-founder Maria Eugenia Filmanovic said the Ecosphere+ acquisition will “establish the largest tech-enabled carbon procurement platform”.
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