Kumkumoglu Ergun Cin Ozdogan has advised Istanbul-based climate technology start-up Erguvan on its seed investment round with Emirates NBD and DenizBank's Deniz Ventures over a USD 7.33 million valuation.
According to Erguvan, this investment marks the inaugural deployment of ENBD’s USD 100 million venture fund announced last year, demonstrating the bank’s commitment to climate action and addressing financed emissions.
Erguvan describes itself as a provider of digital infrastructure for corporate climate action. It offers "a B2B marketplace for environmental commodities and API-based carbon accounting software solutions to financial institutions and corporates."
The Emirates NBD is a banking group with total assets equivalent to approximately USD 221 billion. It completed the acquisition of DenizBank in 2019.
"The partnership with the 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," Erguvan announced.
The KECO Legal team included Partner Berk Cin and Associate Burhan Toker.