Sustainable investment app Clim8 is closing down after failing to secure funding to keep the business going.
Founded in 2019 and launched in 2021, the Clim8 Invest app helped Brits invest in publicly listed companies and funds focused on tackling the climate crisis, honing in on areas such as clean energy, clean technology, smart mobility, clean water, the circular economy, and sustainable food.
The firm has raised more than £10 million in equity rounds and also secured millions more through a series of crowdfunding campaigns.
However, this week it began closing customer accounts, working with account custodians WealthKernel to ensure customer funds are protected.
In a blog, CEO Duncan Grierson writes: "Trying to disrupt an industry is a big mountain to climb. Coupled with dramatic changes in the economic environment and inflation, the appetite for investing in startups has changed over the last year.
"We have been unable to secure further venture capital to fund the ongoing business. Over the last few months we have pursued a number of strategic options and had a range of good interest, however we have not been able to secure a positive outcome from any of these avenues."
The firm is alerting customers to the fact that Wealthify is offering customers a welcome bonus when moving their portfolios to its Ethical Plans. Clim8 will get a fee for any transferred customers.