Tred, a UK-based startup focused on carbon tracking, has successfully surpassed its initial crowdfunding goal of £600,000 on Crowdcube within just ten minutes of launching.
This funding initiative follows a remarkable crowdfunding campaign in 2021, which raised over £1 million from more than 1,000 investors, significantly exceeding its £400,000 target.
Tred is introducing an eco-friendly debit card constructed from recycled plastic, designed to calculate the carbon emissions associated with users’ spending. At the end of each month, Tred users can opt to subscribe to a personalized plan aimed at offsetting their carbon emissions through a certified tree-planting initiative in Scotland.
The Tred app provides real-time tracking of the carbon footprint for each card transaction, along with tailored suggestions for reducing future impacts. This feature is also available for transactions made with credit and debit cards from other banking institutions.
The new investment campaign coincides with the beta launch of the product on the App Store, providing access to a waiting list of 30,000 potential users. Investors in this round include notable figures, such as the co-founder of Nutmeg and angel investors associated with Bridgepoint Capital.
Will Smith, co-founder of Tred, stated, “Our mission at Tred is to emerge as the leading green fintech solution. While managing finances alongside carbon emissions may seem daunting, our platform simplifies the process, allowing users to effortlessly oversee their finances and their environmental impact in one place. We are excited about the success of this crowdfunding phase and grateful for the faith our investors have shown in our vision.”