{"id":45528,"date":"2023-10-20T15:44:24","date_gmt":"2023-10-20T15:44:24","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/carbontrack-on-the-fast-track-after-two-quick-funding-rounds-startupsmart\/"},"modified":"2023-10-20T15:44:24","modified_gmt":"2023-10-20T15:44:24","slug":"carbontrack-on-the-fast-track-after-two-quick-funding-rounds-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/carbontrack-on-the-fast-track-after-two-quick-funding-rounds-startupsmart\/","title":{"rendered":"CarbonTRACK on the fast-track after two quick funding rounds – StartupSmart"},"content":{"rendered":"
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Energy usage tracking startup carbonTRACK is set to conquer the world after securing a $2 million funding round, only two months after announcing the closure of a $1.3 million round<\/a>.<\/p>\n

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The new investment round, led by existing investors Geoff Gourley and Julio De Laffitte and Fairhaven Advisors, values the Melbourne-based startup at $23 million, up from a $15 million valuation for the seed round.<\/p>\n

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The capital will be used to expand operations in Australia, fast-track expansions into south-east Asia, as well as focusing on South Africa and the US.<\/p>\n

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CarbonTRACK co-founder Spiros Livadaras says offices will soon be opening across the country.<\/p>\n

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\u201cWe\u2019re growing the Australian business and we\u2019re looking to create a permanent presence in Brisbane and Sydney, and we\u2019ve picked up good channel partners there,\u201d Livadaras says.<\/p>\n

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\u201cBecause of the work we\u2019re getting we\u2019ve been flying a lot of people from Melbourne, so we want an on-ground presence.\u201d<\/p>\n

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The carbonTRACK app helps users to track their household\u2019s energy use and pinpoint the most costly areas, and lets them remotely turn appliances on or off.<\/p>\n

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Strategic investments<\/b><\/p>\n

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Livadaras says the reason the two investment rounds were so close together was because the first one was mainly aimed at bringing impact investors Gourley and De Laffitte on board.<\/p>\n

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\u201cIt was a strategic acquisition for us,\u201d he says.<\/p>\n

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\u201cWe really wanted themon board with the work they’re doing with the impact fund. That\u2019s given us access to a lot of customers and investors, and led to this second round.\u201d<\/p>\n

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Worldwide expansion plans<\/b><\/p>\n

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The startup only started commercialising in February this year, but is already making headway in the south-east Asia market.<\/p>\n

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CarbonTRACK came in third place at Tech Venture in Singapore, finishing behind two Singaporean startups.<\/p>\n

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\u201cWe were the only Aussie company that made the finals across 160 or so,\u201d Livadaras says.<\/p>\n

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\u201cOff the back of us attending and competing we secured a number of trials in Singapore. We\u2019ve also got some work with people in Tokyo.\u201d<\/p>\n

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The environmentally-conscious company has also garnered interest in South Africa, where it has an office and is working with the government, and the US.<\/p>\n

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\u201cThe non-Australia markets are where we\u2019re focusing our attention on, and we\u2019re now starting to get enquires from the US. We deferred these until Easter next year because we didn\u2019t feel we were ready to take on another country,\u201d Livadaras says.<\/p>\n

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\u201cOnce we have traction in south-east Asia we\u2019ll turn our attention to the US.\u201d<\/p>\n

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Livadaras says the fact that the carbonTRACK technology is propriety, has its own backend and four patents means this sort of large-scale, rapid international expansion is possible.<\/p>\n

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\u201cWe control the rate at which we manufacture. We\u2019re not relying on other pieces of hardware,\u201d he says.<\/p>\n

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\u201cWe\u2019re in the fortunate place of effectively being able to dictate the timing of our own manufacturing, so scaling up is not an issue.\u201d<\/p>\n

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Want to grow your business with Instagram?\u202fStartupSmart School can help.<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Energy usage tracking startup carbonTRACK is set to conquer the world after securing a $2 million funding round, only two<\/p>\n","protected":false},"author":2,"featured_media":58697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45528"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=45528"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/45528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58697"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=45528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=45528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=45528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}