DUBAI, UAE, 17 October 2023: Olive Gaea, a climate-tech startup based in Dubai, has announced it has secured USD one million in funding from Cornerstone Ventures. Making the announcement through a Press release, Olive Gaea said that as global concerns about climate change reach unprecedented levels, the company is poised to lead the charge with this substantial funding.

According to Olive Gaea, its mission is to accelerate decarbonisation, especially as net zero targets gain prominence nationally and internationally. Furthermore, the company said the funding would enable it to launch its SaaS platform, Zero by Olive Gaea, designed to address the challenges businesses face in their net zero and carbon management endeavours in the MENA region. Olive Gaea also said it operates at the intersection of ESG and Climate-tech, offering AI-driven solutions to enable corporate climate action and reduce carbon emissions.

Vivek Tripathi, Co-founder and CEO, Olive Gaea, said: As a homegrown business, we understand the climate challenges specific to the MENA region. Today, businesses are under immense pressure to take immediate climate action, and shockingly, 91% struggle to measure their greenhouse gas (GHG) emissions. Moreover, a few can meet their carbon reduction targets. Having served governments and private entities in the MENA and India region for the past two years, we have gained extensive experience in understanding the challenges they face in their decarbonisation and net zero journey. Now, with the support of Cornerstone Ventures, Olive Gaea aims to bridge the climate action gap by automating and simplifying decarbonisation at scale.”

Olive Gea said the funds secured will also be used to expand the SaaS platform across the GCC and MENA regions, and India. Furthermore, the company said it will continue to provide support to clients across various industries, including construction, banking, metal, and services. 

The company said Zero by Olive Gaea will be officially launched at Gitex Impact at the Dubai World Trade and Exhibition Center in Dubai, held from October 16 to 20. Olive Gaea said it also offers carbon footprint assessments and net zero strategies and has a carbon-neutral delivery API solution for e-commerce companies.

Nanika Kakkar, Investment Director, Cornerstone Ventures, said: “We believe every enterprise and organisation 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 partner in helping 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.”