NatureMetrics Ltd, a UK startup that helps clients assess their impact on nature, has raised $25 million (£20.4 million) in Series B funding, which the company says will help it expand to achieve its goal of becoming self-sustaining and profitable.
The round was led by Just Climate, an investment arm of Generation Investment Management founded by former US Vice President Al Gore, with participation from EDF Pulse Ventures and Monaco ReOcean Fund, and support from previous investors.
NatureMetrics provides clients with tools and frameworks to understand the state of land and water by collecting samples of environmental DNA (eDNA, the genetic material shed by organisms). The company has also developed a platform that integrates eDNA data with other data sources, such as satellite monitoring data, traditional field observation data, and information from emerging tools such as bioacoustics, to show how the biodiversity status of a project has changed over time. The company's strategy department is responsible for helping clients turn data into decision-making.
Major companies that have worked with Nature Metrics include Anglo American, Tesco Plc, Salesforce Inc. , MSC Cruises and EDF Renewables Inc.
“Biodiversity should not be a routine part of sustainability,” said Dimple Patel, CEO of NatureMetrics. Ignoring biodiversity could have deadly consequences, she said, especially for businesses that rely on natural resources: “Fundamentally, when soil biodiversity dies, crop yields must fall.”
Patel said the growth from the new investment is expected to push the company to break even next year, ending its reliance on venture capital.
As global attention to the biodiversity crisis grows, NatureMetrics has a good opportunity to develop. The company now has more than 600 customers in 110 countries, many of which are headquartered in Europe. NatureMetrics was founded in 2014 and has previously raised $30.7 million.