right. based on science concludes new financing round
- New investor GLS Bank
- Founders Hannah Helmke and Dr. Sebastian Müller remain majority shareholders
Frankfurt am Main, July 1st, 2021 — Frankfurt-based provider of climate metrics and software, right. based on science (right.), closed new financing round in June 2021 with investments from private and strategic investors. Company valuation increased by 192% since the previous financing round in January 2020.
Social-ecological GLS Gemeinschaftsbank eG (GLS Bank) joins as a new investor. The earlier investors Dorothea Sick-Thies, founder of NGO Protect the Planet, Volker Potthoff, Managing Partner, ADDWIS GmbH, and former board member of Deutsche Börse AG, as well as index provider Solactive AG increased their investments. Legal counsel for right. was again provided by Dr. Florian Plagemann and his team at CMS Hasche Sigle in Frankfurt.
right. developed the X-Degree Compatibility (XDC) Model to calculate the contribution of a company, a financial product (e.g. equities, bonds, sovereign bonds) as well as real estate to global warming and express it in a simple and tangible °C figure. This methodology is the core of a range of specialised reports and software products that right. provides.
Accelerating growth & expanding applications
right. will use the new capital to quickly expand the functionalities and use cases of its software. The XDC metric will also be accessible through an API to enable integration into other digital platforms and data systems. “This will allow all divisions in a company — not just the sustainability department — to actively contribute to both the company’s economic and ecological goals”, says founder Dr. Sebastian Müller. Further measures to connect capital markets and business are also planned: “We are working with several banks to issue so-called ‘XDC-linked Loans’, where loan conditions are tied to proven Paris Alignment”, says Müller.
right. remains independent
“The capital raised speaks to the trust our investors have in the robustness of our model that needs to hold its own against some well-known, big-name competitors in the market”, says founder & CEO, Hannah Helmke. The company is focusing above all on transparency and collaboration. By the end of 2021, the XDC Model will be published as an open source application: “It is important that we do not disappear in a black box,” Helmke continues. “A problem as complex as climate change requires interdisciplinary, trans-sectoral collaboration. We are grateful to have investors who believe in our vision while allowing us to remain independent.”