Eco.mio secures funding for international expansion

Sustainability specialist eco.mio has secured new funding to allow it to expand beyond its home market of Germany as well as diversify its products.

The Berlin-based start-up, which was launched in 2021, said in a statement that it has secured a “low seven-figure” sum in seed funding. Eco.mio won the Achievement in Sustainability Innovation at the first Business Travel Sustainability Awards Europe held by BTN Group in 2023.

Eco.mio’s co-founder and CEO Katharina Riederer said: “This funding allows us to scale our solutions to become a European leader and significantly expand our product range. With the support of our investors, we will significantly accelerate our vision of making sustainability a core element of every business trip.”

The company offers a browser plug-in that integrates with online booking tools to encourage travellers to make sustainable choices. It has also recently partnered with German rail operator Deutsche Bahn to offer additional ‘BahnBonus’ reward points for business travellers choosing train journeys instead of jumping on a flight.

Eco.mio’s new round of funding has been led by investors including IBB Ventures, identity.vc and the Hans(wo)men Group.

The company said that its user base through OBTs, such as Amadeus’ Cytric platform and SAP Concur, has now grown to 40,000, which has helped to reduce clients’ CO2 emissions from business travel by 26 per cent. Eco.mio has also forged partnerships with TMC network Lufthansa City Center and the Advito consultancy, part of BCD Travel.

Cindy Beckel, from IBB Ventures, said of its investment: “The strong founding team of eco.mio impressively combines sustainability with economic viability, making it a valuable addition to our Impact Fund. We are firmly convinced of their potential and look forward to supporting eco.mio on their path to success.”

Identity.vc’s Til Klein added: “The ability to integrate directly into the existing systems of business customers makes eco.mio’s solution extremely valuable. This is a crucial factor for our investment decision.”

Eco.mio said it would use the new money to expand its international presence outside Germany, as well as introducing new applications for hotels and car rental. Another initiative will see the development of sustainability governance solutions in areas such as CO2 taxation and budgets.

The company said the introduction of the EU’s Corporate Sustainability Reporting Directive (CSRD) was showing the “urgency of immediate action” for organisations who will have to disclose their CO2 footprints, reduction targets and transition plans from next year.

“Companies are increasingly focusing on business travel in their CO2 reduction strategies, as it is not only frequently visible to most employees and shapes corporate culture, but also expected to generate significant positive ripple effects,” added eco.mio in a statement.