Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a follow-on investment by Low Carbon Innovation Fund2 (LCIF2) in SKOOT ECO GROUP. This forms part of a capital raising round of over £1m, which will support the business up to a planned institutional Series A in the next 12 months.
SKOOT was founded in 2019 to promote and facilitate lift sharing amongst friends and colleagues.Since then, SKOOT’s services have expanded to support companies on their low-carbon journey, including measuring emissions, where possible avoiding or reducing emissions, and offsetting the difference.
SKOOT technology is helping restaurants and e-commerce vendors to offer a carbon-neutral service to their customers with integrations to Shopify and Zapier. They are also making it possible for small businesses without in-house sustainability teams to achieve net zero.
SKOOT’s ride app has a cost advantage over established e-taxi services, helps to mitigate current pressing issues of high fuel costs, congestion, and transport emissions, and is also well placed to help with the workplace return to the office.
Francis Wright, Managing Director at Turquoise, commented:
“The SKOOT team are proven entrepreneurs with a mission to simplify the path to net zero. The platform is already built and robust, and we see potential for large-scale, international expansion of this innovative business.”
Greg Gormley, CEO SKOOT added:
“We are delighted that LCIF2 has continued to support our growth and evolution. For many SMEs the road to carbon net zero is daunting and it’s exciting to be one of the leading edge technology companies that is helping to provide everyday solutions that make a real difference to this complex problem.”
LCIF2 is funded by EuropeanRegional Development Fund, with the UK Ministry of Housing, Communities andLocal Government as the Managing Authority.