Former backers Tenity, Motive Ventures, and PostFinance joined the round as well as new investor S&P Global, an impact data provider with headquarters in New York.

According to Doconomy, the recently raised money will be used to assist the company's ongoing product suite development, promote "broader engagement and adoption of its tools," and propel the company's growth in North America.

Doconomy, which was founded in 2018 by Mathias Wikström and Johan Pihl, is an organization that seeks to enable people and businesses to take accountability for their environmental impact in order to secure the "future sustainability of life on Earth."

Utilizing its own Åland Index, the company, which states to service more than 100 customers in 35 markets, provides a variety of climate-focused transaction and savings options.

A cloud-based tool called the Åland Index is used to determine how financial activities affect the climate, including the emissions of CO2 and H2O from payments and transactions.

Doconomy purchased financial well-being company Dreams Technology last year in an effort to integrate Dreams' digital engagement capabilities with its own proficiency in measuring environmental footprints.