From Seed To Scale: A Climate Technology Success Story

In 2018, Callus Family Office identified an early-stage Estonian company developing carbon accounting software for enterprises seeking to measure and reduce their operational emissions. The founders had technical depth but limited commercial traction. Their vision aligned with our investment thesis: technology addressing urgent environmental challenges with clear paths to scalability.

We led their seed round with €2.3 million, taking a 22% stake and board representation. Over the following months, our team worked alongside the founders to refine their go-to-market strategy, introducing them to potential enterprise clients within our network and connecting them with strategic advisors experienced in climate finance.

By 2020, the company had secured contracts with three multinational corporations and expanded into Germany and the Nordics. Callus Family Office participated in their Series A, maintaining our ownership position and continuing to provide governance support as they professionalised operations.

The real test came in 2022 when supply chain disruptions threatened client renewals. We facilitated introductions to logistics experts and helped the team pivot their product roadmap to address emerging regulatory requirements under EU sustainability disclosure standards.

By early 2024, the company had grown to over 140 employees, processing emissions data for over 300 enterprises across Europe. In September 2024, a major international software corporation acquired the business for €247 million – a transaction that validated both the technology and the market’s recognition of climate accountability as essential infrastructure.

Our return was significant. More importantly, the software now operates at scale, enabling thousands of companies to track and reduce their environmental footprint with rigour and transparency.