Sustainable investment application Clim8 is set to close its operations due to unsuccessful funding efforts to sustain the business.
Established in 2019 and officially launched in 2021, the Clim8 Invest app enabled UK users to invest in publicly listed companies and funds dedicated to addressing the climate crisis. The app focused on vital sectors such as clean energy, innovative technologies, smart mobility, water sustainability, the circular economy, and sustainable food systems.
Clim8 had successfully raised over £10 million through equity investment rounds and additional funds via multiple crowdfunding initiatives. However, the company has begun the process of closing customer accounts this week, collaborating with account custodians WealthKernel to ensure that customer assets are safeguarded.
In a recent blog post, CEO Duncan Grierson remarked, “Disrupting an industry is a significant challenge. Combined with fluctuating economic conditions and rising inflation, the interest in investing in startups has notably diminished over the past year. We have struggled to secure additional venture capital necessary for our ongoing operations. Despite exploring multiple strategic options and receiving some interest, we have been unable to achieve favorable outcomes.”
The firm is notifying its customers that Wealthify is currently offering a welcome bonus for those who transition their portfolios to its Ethical Plans. Notably, Clim8 will receive a fee for any customers that are transferred.