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Greenly raises $52M to make carbon accounting accessible to all as regulations loom

Greenly raises $52M to make carbon accounting accessible to all as regulations loom

Greenly, a leading carbon accounting platform, has secured a significant $52 million Series B funding round led by Fidelity International Strategic Ventures, with participation from new investors  BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise (HPE), and HSBC.

In a relative note, earlier this year, Berlin climatetech CEEZER cemented €10.3M to change the voluntary carbon markets as well.

What does Greenly actually do

Previously, climate expertise was a specialised field, often outsourced by large corporations.  Greenly’s vision is a world where monitoring and minimising emissions is not just a regulatory hurdle, but a core competency for all businesses, from large corporations to the mid-market and even small and medium-sized enterprises (SMBs).

The new funds will empower Greenly to expand globally and solidify its position as the go-to Climate Suite. This comprehensive platform ushers in a new era where companies transition from a model where climate expertise is an afterthought to one where they cultivate in-house knowledge and implement effective reduction strategies. Greenly positions itself as a crucial partner for businesses navigating the complexities of the energy transition.

A one-stop shop for corporate environmental initiatives

Greenly’s recent funding solidifies their position as a carbon management leader. Their Climate Suite goes beyond regulatory compliance (CSRD, SEC reporting) by empowering companies to budget for and strategically reduce emissions (aligning with SBTi frameworks).

Company CEO, Alexis Normand via an email interaction with TFN says, “The introduction of the CSRD in the EU is changing the game again,” prompting them to become a one-stop shop for a wider range of environmental metrics like waste, water, and biodiversity. 

Recognizing the need for in-house expertise as well, Greenly offers a Climate Academy with certification courses for managers, covering climate strategies, legal compliance, accounting methodologies, and even sector-specific eco-design. They’re innovating product-level tracking with a free LCA Builder library for eco-designers. Greenly Cloud and Greenly Sustainable Procurement further equip businesses by helping IT departments reduce data centre emissions and integrate sustainable procurement practices.

How Greenly is using AI in their offerings

Alexis Normand, offered insights into their use of AI in a recent email interaction with TFN. While education and user experience are crucial, Normand acknowledges that AI excels at streamlining data collection, a major pain point for businesses. Greenly’s AI acts like a “carbon ERP,” automatically organising company data across various departments (finance, electricity, travel, etc.) for accurate emissions calculations.

Normand goes beyond regulatory compliance, emphasising Greenly’s role in driving the energy transition. “Measuring emissions is mainstream,” he says, “and every department feels the pressure.” Greenly empowers businesses to become frontrunners, not just meet regulations. He highlights the benefits: a competitive edge, access to better funding, and attracting top talent – all through effective emissions reduction strategies.

Greenly’s solutions for different business segments

While Greenly highlights partnerships with large companies, the press release states a focus on SMBs and mid-market businesses. Normand explains their go-to-market strategy to TFN saying, “BNP is not a customer but a partner in the sense that they are pushing many SMB clients to report their emissions to get better funding terms. From day one, we have been focused on offering expert services on targeted verticals such as tech companies, investment funds, manufacturing companies. Having built this for SMBs and mid-market companies, we can now deploy these dedicated technologies for targeted departments in certain enterprises…”

A strategic partnership with Hewlett Packard Enterprise (HPE)

The funding round includes HPE. Normand elaborates on this partnership’s benefits: “HPE has been looking into Greenly’s technology for over a year now, with deep interest in our Cloud emissions computation model. While we can’t speak for HPE’s strategy on their behalf, we can see that any company building data centres, even more so in the age of AI, is realising that electricity consumption is growing exponentially, and reducing its carbon footprint is becoming a must-have to win large contracts. Greenly has built deep expertise on this topic, and we see many developments ahead with all HPE and other partners in the space.”

Making carbon accounting affordable for all

Greenly is on a mission to make carbon accounting accessible to all, especially for smaller businesses. As Normand says, “democratising carbon accounting” is their core mission. Unlike large corporations with dedicated experts, SMBs often lack the resources to track emissions. Greenly’s user-friendly platform and Greenly Academy empower these businesses to build internal expertise and become leaders in the energy transition, all at a fraction of the cost.

Transforming the workforce for environmental sustainability

Normand highlights Greenly’s role in transforming the sustainability workforce.  While climate expertise was once siloed, pressure to address climate change is pushing all departments to become climate-conscious. Greenly empowers this shift by providing upskilling opportunities to understand how daily activities impact emissions. This broadens climate knowledge beyond specialists and equips each department to contribute to emissions reduction.

What we think about Greenly 

While prioritising US and EU regulations for now, Greenly’s sights are set globally. Normand emphasises that their core technology, like a universal accounting system, transcends borders. He stresses the urgency of widespread carbon reduction to meet global climate goals.

Greenly’s $52 million Series B funding round positions them as a leader in the rapidly growing carbon accounting market. Their user-friendly platform empowers businesses of all sizes to not only comply with regulations but also become frontrunners in the energy transition. With a focus on affordability, scalability, and building internal climate expertise, Greenly is likely to make a significant impact on reducing global emissions.

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