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Carbon capture startup targets $5M for initial funding

Illustration of a dollar sign made out of carbon molecules.

Illustration: Brendan Lynch/Axios

A carbon capture startup named 11 Carbon Capture is seeking to raise $4.9 million in initial funding, Axios has learned.

Why it matters: Carbon capture is still a relatively new area within climate technology, though eager entrepreneurs are ready to hit the ground running.

Details: 11 Carbon Capture is an Austin-based startup from Eric Shelly, a current investor and former entrepreneur, per the company's Form D filed Tuesday.

  • Shelly's consulting firm, Freedom Impact Consulting, claims to manage $50 million in assets with a focus in clean energy. Shelly started the firm in 2019 after selling his dental practice.
  • 11 Carbon Capture has not raised any of the $4.95 million it is targeting, per the filing, though it seeks to raise a minimum of $275,000 per investor.

State of play: Carbon tech startups have raised $7.2 billion in private funding so far this year, as Axios previously reported.

  • That includes mega-rounds from Climeworks, which raised $806 million, and LanzaTech, which raised $704 million.
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