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MoreScope secures 3+ MEUR from Nysnø Climate Investments, Finstart and SINTEF to accelerate decarbonisation and drive climate impact

July 2, 2024
6 min
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Oslo – 02.07.24: MoreScope AS is a climate- & fintech company that develops software solutions that enables companies to quantify their climate impact and understand their path to decarbonisation. The company has just raised money from Nysnø Climate Investments, Finstart Nordic, SINTEF Venture VI, and existing investors. The co-founders of the company - Sophie Bruusgaard Jewett, Sheri Shamlou, Markus Øverli and Ulf Johansen - say that new capital will be used for product development and scaling sales into the Nordic market.

The EU's Corporate Sustainability Reporting Directive (CSRD) and the Sustainable Finance Disclosure Regulation (SFDR) introduce strict requirements for sustainability reporting. These regulations require companies to map emissions across value chains (including Scope 3), as well as to quantify climate targets and low carbon transition plans. 

Our aim is to accelerate the low carbon transition, and a prerequisite is to arm companies with the insight into which measures are worthwhile and where they should focus their resources, giving them the decision-support needed to take meaningful steps towards decarbonisation.

Sophie Bruusgaard Jewett, CEO of MoreScope.

A needed solution for a market in rapid growth

The market for SaaS platforms to help ease the reporting burden is growing rapidly. The new requirements from the EU make it necessary for companies to have effective and auditable solutions for quantification, reporting, and strategic planning. 

- MoreScope uses new technology and data-driven methods to easily map the carbon footprint in the value chain, quantify the climate impact of various technologies and solutions, and most importantly assist companies to work with effective decarbonisation, says Sheri Shamlou, COO of MoreScope.

Going forward, MoreScope is developing a simulator for decarbonisation that will make it easier for companies to deliver on the EU's requirements for quantified transition plans.

Increasing interest in avoided emissions 

MoreScope has developed its own methodology for calculating positive climate impact, also called avoided emissions. This is a critical part of both the EU's reporting requirements for investment funds, the Sustainable Finance Disclosure Regulation (SFDR), and the EU Taxonomy, which require calculations of a climate technology's contribution to the low carbon transition.

We firmly believe that the climate change challenge cannot be solved without companies and investors focusing both on reducing their own footprint and on scaling low carbon technologies. There is a huge capital gap in the market for climate solutions, and through our platform and methodology we can assist investors to drive capital in the direction of the low carbon transition,

Sophie Bruusgaard Jewett, CEO of MoreScope.

Emphasis on data and technology

MoreScope has developed a platform that simplifies emission estimations based on expenses and on actual activity. The company has integrations with several accounting programs and provides an automated estimation of greenhouse gas emissions based on data from the individual company analyzed with its own algorithms originally developed in SINTEF. MoreScope's solution makes it easier to estimate and report the company's value chain emissions.

- We have extensive experience in working with this type of modeling. Now that we have gained momentum in the automation of data collection and processing of company data, we no longer see any restrictions on different industries or countries. We have trained at home, and are now ready to take this out to the big masses out there - and we are well on track, says Ulf Johansen, Chief Scientific Officer in the company.

Will capture the market for data-driven sustainability reporting 

The company began commercialisation 11 months ago and already has over 50 customers, mainly in energy, seafood, industry and finance. The company has also signed 3 distribution partners, and have many more knocking on their door. With new investors in place, the focus going forward is international expansion and strengthening the sales apparatus both for direct sales and through distribution partners.

MoreScope enables companies to set realistic and measurable climate targets. They offer necessary benchmarks to track progress, enabling faster decarbonisation and helping to steer capital towards green investments. We look forward to working with the company and our co-investors to contribute to wiser climate decisions.

Solveig E. Sundsdal in Nysnø's investment team.

- We are happy to welcome Nysnø, SINTEF Venture VI and FinStart to the MoreScope team. This is a clear signal of confidence in the company and the potential of our technology and methodology. With funding secured, we will focus on expanding the reach and impact of our technology by scaling into new markets, says Sophie Bruusgaard Jewett, CEO of MoreScope.

- MoreScope has since its commercial release seen rapid and sustainable growth and have with this equity round secured an even stronger owner consortium and the financial fundament for an ambitious strategy, enabling accelerated broadening of the platform offering and focus on continued domestic and international growth, says the company Chair Einar Gamman.

About Nysnø Klimainvesteringer AS

Nysnø Klimainvesteringer is a state investment company that invests in companies and funds with technology for reduced greenhouse gas emissions. Through a management capital of NOK 5.4 billion, Nysnø invests in renewable energy, digital technologies, resource efficiency, sustainable consumption and the circular economy. Nysnø has its head office in Stavanger and is owned by the Ministry of Trade and Fisheries. www.nysnoinvest.no

About SINTEF Venture VI

SINTEF Venture VI is a seed fund managed by SINTEF TTO that invests in spin-off companies with technology from SINTEF. The investors in the fund in addition to SINTEF are KLP, Gjensidigestiftelsen, Sparebankstiftelsen DNB, Sparebank 1 SMN Invest, Reitan Kapital, Koteng Holding and Investinor.

About FinStart Nordic

Finstart Nordic was established in 2018 by SpareBank 1 SR-Bank ASA, as the strategic investment arm within fintech, technology and impact companies. The investment fund is closely integrated into the group's work with strategic business development and innovation, with opportunities for collaboration, partnership and distribution opportunities.

About MoreScope

MoreScope is a Software as a Service company that makes it easier and faster than ever to collect, analyze and quantify climate data. MoreScope provides companies and investors with the tools they need to understand and reduce their carbon footprint and quantify their climate impact. The company was established by EV Private Equity, Arkwright and Eviny Ventures in 2021 under the name xIQ, and changed its name in 2023 when the company merged with the software company MoreScope, which in 2022 was spun off from SINTEF. The head office of MoreScope is in Oslo. www.morescope.com

Contacts:   

Sophie Bruusgaard Jewett, CEO & Co-founder, More Scope - sophie@morescope.com, +47 416 42 141

Einar Gamman, Chair of MoreScope & Senior Partner at EV Private Equity - eg@evpe.com, +47 916 37 105

Solveig E. Sundsdal, Senior Associate, Nysnø Klimainvesteringer - solveig@nysnoinvest.no, +47 994 07 780

Vidar Aksland, CEO, Finstart Nordic - Vidar.Aksland@sr-bank.no, +47 91828170

Asle Jostein Hovda, investeringssjef i SINTEF TTO - asle.hovda@sintef.no, +47 48 22 89 41

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