Alternative investment management platform Azora has paid $13.5m to acquire a “strategic” minority stake in London-based carbon procurement and market intelligence technology company Abatable.
The investment forms part of Azora’s European climate solutions private equity strategy which targets growth companies providing decarbonisation solutions for real assets. Azora said its investment will “accelerate Abatable’s growth strategy” by funding the acquisition of Ecosphere+ – a nature-based carbon credits provider.
Santiago Olivares, managing partner at Azora, 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.
“Having long taken an integrated approach to sustainability and responsible investing, we remain committed to becoming a strategic partner of companies promoting decarbonisation solutions for real assets, where we can provide financial support and facilitate growth by leveraging our own expertise and opportunities across Azora’s portfolio and contact base.”
Valerio Magliulo, co-founder of Abatable, added: “We are thrilled to have the support of Azora as we accelerate our growth plans to support an increasing number of businesses taking climate action for their hard to abate emissions.”
Maria Eugenia Filmanovic, co-founder of Abatable, said: “Ecosphere+ has pioneered best-in-class carbon procurement programs since 2016 and we’re excited to combine their access and expertise with our digital solutions to establish the largest tech-enabled carbon procurement platform.”
