Ingka Investments Takes Minority Stake In Doconomy

Ingka Investments has made a financial minority Investment in a Swedish based company called Doconomy, who are a leading player in climate technology, helping banks, brands and consumers to measure, understand and reduce their environmental impact. The investment is part of Doconomy latest funding round with investors contributing to a total of USD 19 million of equity capital to accelerate its goal to help one billion people each cut one tonne of carbon emissions per year.

 Doconomy’s technology is currently used in 30 countries by some of the world’s leading banks and brands, reaching over half a billion customers globally, and it aims to make its services available in 20 additional markets in 2022. It has pioneered a number of game-changing products Including the financial transaction API, through which customers can track the environmental footprint of each purchase they make and set themselves Individual carbon budgets.

“We are delighted  to invest in Doconomy, which is a market leader in the applied impact field and a company that wants to create a positive impact on the environment. Both Ingka and Doconomy have great ambitions in shaping tomorrow’s sustainable homes through new products and services. With Doconomy we see a big potential in developing solutions to support people and products and services suppliers to measure, understand and reduce climate impact.”, says Krister Mattsson, Managing Director of Ingka Investments, Ingka Group

The latest funding will support in accelerating Doconomy’s continued expansion, recruit new talent to join its rapidly growing team and support the further development of its Impact Applied portfolio; enabling environmental impact calculations on products, financial transactions, lifestyle and corporations to inspire further climate action worldwide.  

“With Doconomy the power of the conscious consumer is unleashed. Corporates are increasingly acting on the much needed shift to greater transparency and Doconomy facilitates this at the corporate and product level to empower behaviour change. In addition to the coalition of corporate climate champions that already work with Doconomy, we are thrilled to have the support of corporate venture teams at Ingka Group and Citi who recognize the potential and urgency of our mission.” Mathias Wikström, co-founder and CEO of Doconomy.

At COP26, Doconomy in partnership with the United Nations Climate Change (UNFCCC) launched the Carbon Lifestyle Calculator, helping consumers to measure the Impact generated from their lifestyle choices In over 117 countries. 

Ingka Investments strengthens the long-term growth of Ingka Group, secures its financial position, and supports the sustainability goals by making responsible investments. This investment is the latest in a series of investments made by Ingka Investments that potentially strengthen Ingka Group’s core IKEA retail business by supporting the growth of innovative companies in areas such as sustainability, digitalisation and customer fulfillment. 

Doconomy, founded in Sweden in 2018, is a world leading provider of applied impact solutions. Doconomy wants to future-proof life on planet earth by empowering individuals and corporations to take responsibility for their environmental footprint. We firmly believe that the climate crisis can only be solved as a collective. Doconomy is also a partner of the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, the World Wildlife Fund (WWF), Mitsui, and Parley for the Oceans. Visit www.doconomy.com for more information.

Source : Ingka Group

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.