The move has resulted in a minority holding for Codex Capital in CarbonQuota, with a representative joining its board of directors.

Guy Strafford, who invested in CarbonQuota last year, will remain as chairman and, alongside its founders Dominic Harris and Nathan Tiller, will maintain a majority stake in the business.

CarbonQuota works with businesses across the value chain including procurement organisations, logistics, manufacturers of product, and producers of raw materials.

Automation through the online platforms allows businesses to baseline and build decarbonisation plans using data from the ground-up, providing very precise and scientific calculations.

Harris said: “Too many businesses are still using financial expenditure-led carbon modelling, which is not fit for purpose within a climate crisis. Our clients realise doing the right thing is more than a compliance cost, it is an opportunity to grow market share.

“We identified that most large corporations needed better ways to collaborate with their value chains and deliver against Net Zero plans. The foundation of our growth is the unique combination of sector knowledge, pursuit of scientific granularity, and automation through technology.

“This investment from Codex Capital enables us to further invest in technology, people and our client relationships.”

Jamie Lawson-Brown, co-founder of Codex Capital, added: “CarbonQuota has already landed some incredible marquee clients with a number of others expected to be signed early in 2023.

“The company is very well positioned for growth due to its relentless focus on detail. Leading businesses have realised that robust, granular data is not only the way to demonstrate to customers, shareholders, and employees that they are meeting their Net Zero goals, but a way to facilitate faster topline growth within their business.

“These are unusual times with very low levels of activity in the debt, listed equity, PE, and venture capital markets. Only the highest quality assets are under our consideration for investment, including those focused on sustainability.

“We are delighted our investment in CarbonQuota met this high bar and are looking forward to working with management to continue to grow the business at pace.”