Almond Impact, a UK-based environmental startup, has successfully secured its initial £500,000 funding target through its Crowdcube campaign. The company launched the funding round at the beginning of May and is offering 11.54% in equity at a £3,976,200 pre-money valuation. So far, the campaign has attracted nearly 350 Crowdcube investors.
Founded in 2018, Almond claims to be the first app that empowers anyone to become carbon balanced by helping them to buy better, act better, and offset the rest. Its app with carbon analytics from WWF has more than 2,400 users.
“Our free app turns spending into a force for good, by automatically planting and protecting trees whenever purchases are made with our responsible brand partners via a connected bank card.”
The company further revealed that its business model includes three core revenue streams, which are commission on consumer purchases, SaaS brand membership, and offsetting products for businesses and individuals. Along with WWF, Almond Impact has also formed a partnership with Stockholm Environment Institute to provide carbon analytics and it is speaking with two challenger banks to enroll their customers to its platform.
Funds from the Crowdcube round will be used to continue the growth and development of the Almond Impact platform. The campaign is set to close at the beginning of June.
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