Sydney-based startup Avarni has secured $2.5 million AUD ($1.64 million USD) in an extension round of funding. The investment comes from existing investor Main Sequence and new backers Sprint Ventures and AfterWork Ventures. Avarni is dedicated to assisting companies in measuring their carbon emissions, identifying areas of concern within their supply chains, and developing strategies to reach net-zero targets.
Key Takeaway
Avarni, a Sydney-based startup, has raised $2.5 million AUD in funding to support large enterprise organizations in measuring their carbon emissions and achieving their net-zero goals. As regulations requiring Scope 3 reporting become more prevalent, Avarni’s platform offers a simplified and comprehensive solution for tracking emissions within supply chains. The company’s ability to collaborate with suppliers and generate supplier-specific emission factors sets it apart from its competitors. With an increasing demand for decarbonization solutions, Avarni aims to help companies reduce their environmental impact and contribute to the global net-zero movement.
Assisting Large Enterprise Clients
Avarni’s target clients are large enterprise organizations that have set public Science Based Target initiative (SBTI) or net-zero goals. The startup works with clients from various sectors, including professional services, engineering, pharmaceuticals, hospitality, energy, and manufacturing. Notable clients include Schneider Electric, Jacobs, KPMG Australia, and Morrison Hershfield. Avarni has already analyzed over $1.58 trillion worth of data across 311,000 suppliers and has identified more than 487 million tonnes of carbon dioxide.
The Significance of Scope 3 Emissions
Scope 3 emissions, which are emissions generated by an organization’s value chain that it doesn’t directly control, can account for 65% to 95% of a company’s total carbon impact. As regulations mandating Scope 3 reporting increase, it becomes essential for companies to track and report these emissions. Avarni’s platform simplifies the process by assessing the percentage of a company’s supply chain that has already established SBTI-validated targets. By gathering data from suppliers and conducting supplier-specific calculations, Avarni provides organizations with accurate emissions insights and actionable steps to reduce their carbon footprint.
