Estonian fund Plural lead $10M Series A funding for Scaler

Amsterdam and New York-based Scaler has secured $10 million in a Series A round of investment to develop ESG data platform built for real estate professionals, grow the engineering team, and expand to new markets beyond Europe. The investment round was led by Plural with participation from Base10 Partners.

  • Scaler was co-founded in 2021 by Zlatan Menkovic and Luc van de Boom in 2021, and specializes in ESG decision-making. Its platform provides real estate investors and asset managers with machine learning, ESG monitoring and reporting tools to decarbonise the industry at scale. Customers can model the impact of decisions and their overall portfolio to asset-level footprint, and generate reports for different disclosure and regulatory requirements.
  • It’s also been designed for specialists and non-specialist teams so anyone can use the tool, from CFOs to sustainability leads and property managers. In addition, Scaler helps clients create roadmaps and order work such as retrofitting or installing heat pumps and solar panels. 
  • Currently, the company is working with 30 customers, which have over $350 billion under management. The startup also claims it reduced their carbon output by 15 million kgs – equivalent to the electricity use of over 10,000 homes a year. 

The funding details:

  • Plural, the lead investor in the fresh round, is an early-stage investment fund that backs founders on a mission to change the world through technology. Based in Tallinn and London, Plural aims to have a GDP-level impact on Europe, address systemic risks, and reduce the opportunity gap worldwide through the companies it backs. Recently, the fund also joined €6 million round in Feather, a German insurtech startup.
  • Base10, an early stage venture capital firm from San Francisco joined the round.

Solving the real estate industry’s carbon problem is complex, when north of 60% of carbon emissions in major cities come from buildings and energy use is only increasing. In only a few years, Scaler has built the most compelling software solution in the market to rapidly appraise investors’ ESG scores across their properties and outline concrete strategies to meet net-zero targets. We’re excited to work with them to transform the real estate industry,

Khaled Helioui, Partner at Plural, said.

The company will use the funds to further develop the product, grow the engineering team, and expand to new markets beyond Europe.