Climate tech start-up URECA exceeds target, closes pre-seed round at $1.5m

URECA announced that it exceeded the company’s target to raise $1 million in pre-Seed funding round.

The Singapore-headquartered climate tech company instead raised $1.5 million that will be used to scale operations across Southeast Asia in 2023 and accelerate the launch of its unique marketplace that will enable people to invest directly into climate solutions.

In a statement, URECA said it plans to expand the reach of the technology into other high-quality carbon offset projects as the company is already working on energy efficiency programs. It is also currently exploring the possibility of moving into nature-based solutions.

URECA uses a combination of technology and fieldwork to ensure that the verified credits listed on its marketplace are of high quality and would meet the most stringent requirements.

“We are humbled and grateful to have exceeded our targeted investment round and at the trust bestowed on us by our pre-seed investors. We believe that the level of funding we received from so many investors indicates strong confidence and interest in URECA’s business model and mission to empower and mobilize grassroots participation to take climate action on a more global scale,” said Orchlon Enkhtsetseg, URECA’s Chief Executive Officer and Founder.

Enkhtsetseg said the pre-seed investment round places them in a position that will enable them to get more people involved in the fight against climate change. This is expected to eventually make the company a leading climate tech player in the region.

Robert W. van Zwieten, a member of URECA’s Advisory Board, said that technologies such as URECA’s are crucial to enable individuals, households and SMEs to transition to cleaner energy sources.

He added that the outcome of the pre-seed round puts their company in a fast track towards the launch of their carbon credit trading marketplace.

URECA that originated from Mongolia now has headquarters in Singapore. It operations is guided by the mission to empower and mobilize grassroots communities against climate change by providing a universally accessible platform for high-quality carbon offsets.

Its digital measurement, reporting and verification (MRV) technology also enables individual households and small and medium-sized enterprises (SMEs) transitioning to the use of clean energy to produce and sell carbon offsets. These will include homeowners with rooftop solar panel to companies owning large wind farms.

URECA’s proprietary digital MRV technology also uses IoT engineering and machine learning to remotely verify carbon offsets which then can be traded on the company’s blockchain-powered marketplace to provide a transparent and accessible platform for verified high-quality carbon credits.