ERGUVAN SECURES SEED INVESTMENT FROM ENBD GROUP AND DENIZ VENTURES, ACCELERATING GROWTH IN CLIMATE ACTION TOOLS AND GLOBAL EXPANSION

Erguvan, a climate-fintech startup based in Istanbul, Turkiye, is proud to announce the successful completion of its seed funding round, securing investment from prominent financial institutions Emirates NBD PJSC and DenizBank A.S. (Deniz Ventures) with a valuation of 7.33 million USD (197.9 million TRY). This investment marks the inaugural deployment of ENBD’s $100 million venture fund announced last year, demonstrating the bank’s commitment to climate action and addressing financed emissions.

This strategic investment will enable Erguvan to rapidly refine its flagship marketplace for environmental commodities (carbon credits and RECs) and further develop its API-based carbon accounting software solutions. The partnership with ENBD Group will bolster Erguvan’s international expansion and strengthen its commitment to providing a direct, secure, and transparent access to carbon credit and REC markets as well as high-reliability, data-driven carbon accounting tools directly addressing the requirements of financial institutions and corporates.

This partnership aligns with COP 28, the key United Nations climate conference to be hosted by the United Arab Emirates at the end of this year, where the new partners aim to achieve significant presence and engagement. Erguvan is excited to embark on this new chapter of growth and innovation, strengthened by the support of its strategic investors and a shared vision for financing a more sustainable future.

About ENBD Group

Emirates NBD is the leading Banking Group in the MENAT region. As of 30th June 2023, the group’s total assets were AED 811 Billion, (equivalent to approx. USD 221 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 20 million customers.

About Erguvan

Erguvan is a provider of digital infrastructure for corporate climate action. The company offers a B2B marketplace for environmental commodities and API-based carbon accounting software solutions to financial institutions and corporates.

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