Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a follow-on investment by Low Carbon Innovation Fund 2 (LCIF2) in SKOOT ECO GROUP. This forms part of a £1.1m capital raising round for the startup which will fuel SKOOT’s growth as it also announces its first one million trees planted.
SKOOT’s user-friendly climate technology enables brands to showcase their commitment to sustainability without incurring additional overhead costs. Its unique integrations with leading POS systems such as Micros and Oracle Simphony as well as GloriaFood, Shopify and Zapier makes it possible for businesses to prioritise net-zero in partnership with their customers.
With a focus on hospitality, SKOOT empowers businesses to proactively combat climate change by planting trees, removing ocean plastic, supporting verified carbon projects for every diner,cover, or bill through its innovative Eco-Contribution solution. This provides the hospitality industry with an easy sustainability solution whilst enhancing the guest experience.
The one million trees planted milestone, which is the equivalent of 100 football pitches or the area covering the grounds of Buckingham Palace and St James Park reforested. SKOOT’s funding of tree planting of this scale equates to the removal of 5882 tonnes of CO2 – enough to counter the emissions for 658 adults in the UK (9 tonnes per person) and comparable to removing 2800 average cars from the road.
This latest capital raise will support the start-up as it continues to expand and extend its ongoing partnerships with leading NGOs including Eden Reforestation and Plastic Bank. Renowned hospitality establishments across the UK and US embrace SKOOT’s innovative technology, integrating it seamlessly into their operations. Showcasing further growth, SKOOT has recently secured a contract to become the exclusive carbon offset partner for leading renewable energy provider, Good Energy.
Francis Wright, Managing Director at Turquoise, commented: “SKOOT has made great progress over the last year, including expanding its solutions to incorporate plastic reduction, and its partnerships with Oracle and Good Energy. We are excited to see how the company continues to grow over the coming year.”
“We are delighted that LCIF2 has continued to support our growth and evolution.” said Greg Gormley, CEO and Co-Founder of SKOOT. “This capital raise, coupled with our one million tree milestone signifies a pivotal moment for us as we continue to dedicate our business to drive real change. We believe that collective small actions can lead to significant positive impacts, and our mission is to support people in taking those actions through affordable, in-the-moment solutions.”.
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.