July 15, 2024

SQUAKE raises €3.5m in funding

SQUAKE, the Berlin-based sustainability technology start-up, has raised €3.5 million in funding.

The new capital takes SQUAKE’s total funding to date to €5 million and will be used for “technology R&D and operational hires to meet customer demand, fuelling growth in strategic markets”.

Founded in 2020 by CEO Philipp von Lamezan and CPO Dan Kreibich, SQUAKE was born from the Lufthansa Innovation Hub and has been operating independently since 2021.

Through its API, SQUAKE connects to the backend of any digital infrastructure to make precise carbon calculations for all types of travel and logistics activities, including flights, car rentals and hotels, based on national and international standards.

SQUAKE automates the carbon reduction and removal process, connecting customers with principled and established partners globally, including sustainable aviation fuels, direct carbon capture, and reforestation providers.

The latest investment was led by Simon Capital, supported by Schenker Ventures and Rivus Capital and existing investors, Neosfer and Backbone Ventures, along with business angels Michael Riegel and Matthäus Niewodniczanski, all joining Lufthansa Group on the cap table.

Jan Leicht, Partner at Simon Capital, said: “To us, SQUAKE clearly stands apart from competitors through its unique history of being born from and built for the industry.

“Seeing industry names like Reed & Mackay, HomeToGo or DB Schenker partner with SQUAKE is a shout-out to its impressive product and means millions of people can already benefit from its cutting-edge technology.”

Paulina Banszerus, Head of Venture Capital at Schenker Ventures, added: “We have been impressed by the tech built by SQUAKE. We see great potential for driving the sustainable transformation of our industry with this solution”