This week, Canada’s largest developer of compliance-grade, tradable carbon credits, Calgary-based Radicle Group, announced that it has received a strategic investment led by TELUS Ventures, the venture capital arm of Canadian telecom technology firm TELUS Corporation, and one of Canada’s most active corporate venture capital funds, along with other investors.
Radicle says it will use the capital round to expand its geographic operations beyond its current market scope in the U.S., Canada and Brazil, as global organizations seek to monetize environmental, social, and corporate governance (ESG) efforts.
Radicle says the round will also support ongoing development and updates to Radicle’s proprietary software to ensure alignment with emerging reporting requirements from regulators, clients, and supply chains.
“As the leading Canadian developer of compliance-grade carbon credits, we are committed to making a difference by enabling planet-positive solutions to reduce emissions, balancing people, planet, and profit,” said Radicle CEO Ed Alfke. “On behalf of Radicle, we are very pleased that TELUS Ventures has made this commitment to work with us. They share our mission of helping organizations across the globe in their ESG efforts.”
To date, Radicle has worked with more than 3,000 clients, generating CAD 100 million in value through carbon credits; removed six million tonnes of carbon dioxide from our atmosphere; and traded over $300 million in environmental commodities.
“TELUS Ventures is focused on enabling an ecosystem of innovation by partnering with disruptive, market-transforming companies, including those with a focus on sustainability,” said TELUS Ventures VP of Corporate Strategy Mario Mele. “As we come together to tackle environmental challenges unlike any we have faced before, it’s more important than ever that we support those companies making a difference for future generations. With a strong alignment in culture and mission, our investment in Radicle is an opportunity for TELUS as a global leader in social capitalism to advance its commitment to sustainability by supporting organizations possessing strong ESG principles.”
TELUS Ventures invests globally in companies from the Seed to Pre-IPO with a focus on innovative technologies such as AgTech, HealthTech, Connected Consumer, IoT, AI, and Security to actively drive new solutions across the TELUS ecosystem. Since 2001, TELUS Ventures has backed more than 80 companies.
Earlier this year, Radicle Group invested in Canary Biofuels Inc., a “next-generation” biofuels production company that makes biodiesel from agricultural waste products, based in Southern Alberta, Canada.