Paris-based Greenly, which specialises in helping organisations reduce their carbon emissions, has nabbed $23 million in Series A funding. This round follows the $3 million funding it secured in September 2021.
The investment round was co-led by Energy Impact Partners (EIP) and XAnge. Also, business angels including Jean-Baptiste Rudelle, founder of Criteo, and the Galion Project participated in the round.
Greenly plans to use the funds to scale carbon accounting and management across the US and Europe. Last month, Greenly opened new offices in New York to kick-start its operations in the US and now plans to triple its workforce.
The company will also expand its technical teams, and hire carbon footprint experts and sales representatives. It aims to fill 100 positions across Paris and the US.
Alexis Normand, CEO and co-founder, said, “Greenly’s vision is that all companies should play a role in fighting global warming. You cannot improve something you don’t measure. But you also need simple tools that any SME can use to make this measure and reduction within reach. We had to invent software that merges financial and carbon accounting. We are proud to contribute to this revolution.”
Matthias Dill, Managing Partner at EIP, said “EIP’s mission is to back the best entrepreneurs building the tools to decarbonise industries as quickly as possible. Through our deep roots in the energy sector, we know that many corporate leaders are looking for practical tools to manage and reduce their carbon emissions. Greenly has hit the nerve and managed to scale its customer base rapidly. We are proud to support the team on their global expansion.”
Helps calculate carbon emissions
Greenly was founded in 2019 by Alexis Normand, Matthieu Vegreville, and Arnaud Delubac. The company has created a software-as-a-service (SaaS) platform, which lets users calculate their company’s carbon emissions, store and track them in one place, generate a certified report of the carbon footprint and get some insights about ways to reduce the emissions.
The startup is building integrations with electricity providers, cloud services and e-commerce platforms. By integrating it with over 100 business applications makes it possible to quantify a majority of emissions, automatically minimise manual data entries and fasttrack measurement. The startup uses Codat to integrate seamlessly with a wide range of financial services.
What does Greenly face?
Greenly works with the mission to help customers who start using it to first connect the service with their accounting and financial data.
Its platform automates carbon accounting in full compliance with international reporting standards, including CDP, GHG, and TCFD. Already, it has over 400 corporate customers, and wants to target SMEs rather than large enterprises to disrupt the industry.
Currently, Greenly is used by over a hundred scaleups and unicorns in France, including Payfit, Foodchéri, Outsight and Alma among other. While its competitors include Sweep, Persefoni and Watershed, but unlike them, Greenly focuses on small and medium companies.
How does Greenly work?
Greenly helps companies measure their emissions following the regulatory method. They can get their personalised report, labels, and share their commitment with their employees, suppliers and customers. The next step is to train their employees in the challenges of global warming via fun training courses and challenges in the Greenly mobile application.
On identifying emissions with climate experts from Greenly, companies can get to know the levers, make impact scenarios, and opt for personalised action plans. Lastly, companies can offset emissions as part of their net-zero strategy.