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ClearBlue Markets

Can an advisory-first carbon markets firm become the data and intelligence layer for compliance and voluntary carbon trading globally?

Founded2016
HQToronto, Ontario, Canada
FoundersMichael Berends, Nicolas Girod, Michiel ten Hoopen
Total raised$8M
Latest roundSeries A, 2023
IndustryVertical SaaS / Carbon Markets
The story

Founded in 2016 by veterans of Barclays Capital, Vattenfall, and EcoSecurities, ClearBlue Markets started as a carbon markets advisory firm serving compliance and voluntary carbon buyers. RBC's 2023 Series A funded a shift from pure advisory toward a technology-enabled model built around the Vantage carbon intelligence platform, layering AI-driven Offset Price Discovery, Position Optimization, and CBAM tooling on top of the underlying advisory business. Distribution has expanded via a data partnership with ICE, making ClearBlue an intelligence provider embedded in commodity trader workflows rather than only a consultancy.

Last 12 months
2025-04
2025-04
2026
Product timeline
2016
ClearBlue Markets founded in Toronto to provide carbon markets advisory and intelligence services· pivot
2023
Raised $8M Series A led by Royal Bank of Canada with CRCM Ventures participating; capital to support Vantage carbon intelligence platform· acquisition
2023
Launched Offset Price Discovery, an AI/ML tool for voluntary carbon offset credit price prediction, delivered via Vantage· pivot
2024
Data partnership with Intercontinental Exchange (ICE): ClearBlue pricing/market intelligence available on ICE Energy Transition Connect Platform· pivot
2025
Launched Vantage Position Optimization module for compliance carbon portfolio scenario forecasting· pivot
2025
Enhanced ICE collaboration extending ClearBlue data access to ICE Connect Desktop and Connect Enterprise API users· pivot
2026
Launched CBAM Market Insights service for EU Carbon Border Adjustment Mechanism compliance· pivot
The stack
0 layers disclosed in ClearBlue Markets’s embedded-finance stack
Accounting gap: none