Unwritten, a London-based climate tech startup formerly known as Dovetail Finance, has successfully raised $3.5 million (approximately €3.2 million) in a funding round led by Connect Ventures. Additional support came from Planet A Ventures and other venture capital and angel investors from academia and industry, including Sand River and Adapt Nation Capital.
Previously securing over £750K in pre-seed funding to develop its technological infrastructure, Unwritten’s latest funding round will further its mission to make climate change a fundamental component of every investment decision.
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Bridging Financial Markets and Climate Awareness
Co-founded by Dr. Phillip Marks and Amos Wittenberg, who previously developed Palantir’s climate data solution, Unwritten is driven by the goal of helping investors and companies recognize and act on the financial implications of the climate transition. Despite the growing impact of climate change on the global economy, many financial decisions still overlook the associated risks and opportunities, thereby limiting the effective allocation of capital towards a low-carbon economy.
Leveraging Big Data for Climate Insights
Unwritten utilizes big data to model the complex dynamics of climate change into firm-level financial data. The platform considers various factors such as regions, sectors, policies, and technologies, translating them into actionable financial insights. Covering all private companies and a universe of 40,000 public firms, Unwritten’s models are updated continuously to ensure relevance and accuracy.
Examples of Unwritten’s impact include aiding a private equity firm in assessing climate risks and opportunities in prospective deals, enabling an asset manager to understand the value and direction of climate risks for portfolios, and helping banks integrate climate transition risks into lending decisions.
Endorsements and Future Vision
The initiative has garnered support from notable academics and industry experts, including Professor Cameron Hepburn of the University of Oxford, who highlights Unwritten’s role in bringing climate economics into financial decision-making. This approach not only prepares investors for the market shifts caused by the climate transition but also equips them to actively shape these transformations.
Rory Stirling, Partner at Connect Ventures, expressed enthusiasm for the partnership, noting that the climate transition represents the most significant risk and opportunity for global capital markets today. He believes that Unwritten’s unique insights, technical capabilities, and visionary approach position it to become a leader in the emerging field of climate risk intelligence.
Unwritten’s efforts mark a significant step towards integrating environmental considerations into financial strategies, paving the way for more informed and responsible investment practices that consider the long-term health of our planet.
