Pomegra
London's carbon removal certifier closes its Series A at $50M, with exchange giant ICE joining the cap table as it moves from carbon markets into the broader industrial economy.
Key Takeaways
- Isometric's Series A closed at €43M ($50M) in September 2026, with ICE joining lead investor AVP alongside Lowercarbon Capital and Plural.
- The 2022-founded London startup claims the largest carbon removal certified volume, with over 16 million tonnes contracted.
- Total funding has reached $75M as Isometric's AI platform expands from carbon into energy, fuels, and materials certification.
Lead
Isometric, the London-based industrial certification startup, closed its Series A at €43M ($50M), adding Intercontinental Exchange (ICE) and a cluster of corporate and sovereign investors to a round that initially priced at $40M in June 2026. The extended close, announced in September 2026, pushes the company's lifetime funding to $75M and marks a deliberate step beyond the carbon markets where it started.
What Is Isometric Actually Doing?
Isometric certifies industrial claims that buyers, investors, and regulators depend on but cannot independently verify. Its core product, Certify, uses AI alongside human verifiers to assess the data behind a claim - whether that is a tonne of carbon removed from the atmosphere, a fuel's emissions intensity, or an industrial process's environmental footprint.
The company was founded in 2022 by Eamon Jubbawy, co-founder of identity verification firm Onfido. The business model borrowed a structural fix from that industry: make the buyer, not the seller, pay for the certification. In carbon markets, the prior arrangement had sellers commissioning their own audits - a conflict of interest that contributed to the collapse of confidence in voluntary carbon credits after 2022, when investigative reporting found widespread over-crediting in forestry and cookstove projects.
Why Did This Particular Investor Mix Show Up?
The round was led by AVP (formerly AXA Venture Partners), with Lowercarbon Capital, Plural, Kleiner Perkins chairman John Doerr, and investor Walter Kortschak. The September extension brought in ICE, Acario Innovation (the corporate venture arm of Tokyo Gas), BY Venture Partners, Dubai Future District Fund, Earth VC, Motion Ventures, One Capital, Plug and Play, and Verb Ventures.
ICE's involvement carries strategic weight. The exchange group operates commodity and emissions markets globally, and its interest in certification infrastructure signals that institutional market participants see verifiable data as the foundation for any tradeable emissions instrument. A certification platform that can underpin contract settlement is a different asset than one that issues green stickers. Tokyo Gas entering through its venture arm suggests the same logic applies to industrial buyers: verifiable claims about fuel and emissions intensity are becoming a procurement requirement, not just a marketing preference.
From Carbon Removal to the Industrial Economy
Isometric now claims to be the largest carbon removal certifier by contracted volume, built primarily across engineered carbon removal categories - direct air capture, biochar, and ocean-based methods - which are more amenable to data-driven verification than biological sinks.
The expansion into industrial emissions, energy, and materials follows a clear thesis: the same structural problem appears wherever buyers are purchasing low-carbon or sustainable products and cannot check the underlying claim. Isometric calls this "agentic certification" - AI systems that continuously monitor and validate rather than conducting point-in-time audits. That framing shifts the product from audit tool to market infrastructure.
What Does This Round Imply About the Last One?
The June 2026 announcement put the Series A at $40M. The September extension to $50M, rather than opening a new round, suggests Isometric wanted to bring in specific strategic partners without resetting valuation. ICE and Tokyo Gas's venture arm both fit a pattern of market infrastructure investors who benefit from verified data as an input to their core businesses. Isometric has not disclosed its current valuation.
The sequencing also reflects a quiet rebranding. What launched as a carbon market certifier is now positioning as an industrial economy certification layer. The carbon pedigree still matters - 16 million tonnes under contract is a credible track record - but the pitch to new investors was clearly broader.
Outlook
Isometric is building toward a position as the default verification layer for industrial sustainability claims. The market for that grows each time a regulator tightens disclosure requirements or a corporate buyer demands auditable supply chain data. The risk is that expanding into energy, fuels, and materials fragments focus from a carbon market that still needs credible certifiers. ICE's entry is the clearest signal yet that the bet is on infrastructure, not niche climate tech. Whether Isometric can execute both simultaneously will determine whether the $75M in total capital looks prescient or premature.
