Greenly, which helps SMEs track and reduce their carbon emissions, has secured $23 million in Series A funding. The investors include Energy Impact Partners.
Greenly has closed a $23 million Series A funding round co-led by Energy Impact Partners (EIP) and by German and France-based investment funds Xange to scale carbon accounting & management across the United States and Europe.
In the race to Net Zero, the increase in regulations and the rise of customer demand has led to a dramatic rise in the number of companies committing to low carbon strategies. To massify carbon management, Greenly is disrupting the consultancy-led process of collecting and analyzing data manually, by deploying simple and intuitive software. Integrating with most corporate data sources, Greenly offers to move from snapshot analytics to continuous carbon monitoring. With more than 400 corporate customers in Europe, Greenly has recently opened offices in the US, and plans to triple its workforce to make carbon management as pervasive as financial management.
Creating platform effects in carbon management
Greenly, a carbon accounting & management platform for SMEs, has closed a Series A fundraising of $23 million. This new round is led by Energy Impact Partners (EIP), a US based investment platform focused on the energy-transition, and XAnge, an early-stage investment tech fund based in Paris (France), and Munich (Germany) with strong impact exposure. Also participating are new investors like Jean-Baptiste Rudelle, founder of Criteo, and the Galion Project.
Greenly offers SMEs a software as a service (SaaS) that makes carbon accounting and carbon management easy and intuitive, reducing the barriers to collect and analyze emissions data by integrating with over 100 data sources, including accounting, travel software, cloud consumption data, electricity vendors etc. As such, the company is disrupting a market typically dominated by large consultancies performing ad hoc assignments for enterprises. With already more than 400 corporate customers, Greenly aims to massively increase the carbon management of SMEs, by allowing them to monitor their operations and supply chain in real time, providing less carbon-intensive alternatives, and by offsetting the rest with high-quality carbon-offsetting projects. The raise will allow the company to continue its global roll-out with focus on the US and Europe. In mid-March, Greenly opened new offices in New York, a hub for tech innovation, to kick-start its operations the United States.