A climate tech startup from France, Sweep, which helps large enterprises tackle the scale of their emissions, has nabbed $73 million in Series B funding. This financing follows the Series A round of $22 million that was raised just three months back.
The investment round was led by Coatue (that also invested in Causal, Ramp and others recently) alongside participation from Tony Fadell’s Future Shape fund and existing investors Balderton Capital, New Wave (backed by Xavier Niel and Peter Fenton), La Famiglia and 2050 (founded by Marie Ekeland).
Sweep will use the investment to scale and meet the increasing need for its product. This announcement underscores the power of Sweep’s business intelligence and science-based software to help corporations tackle the complex task of reducing carbon emissions. Notably, Sweep has raised $100 million in the past year to deploy a carbon management platform for major greenhouse gas emissions-emitting industries.
“Sweep sits at the key intersection of technology and sustainability. The scale of corporate emissions leaves businesses no choice but to leverage technology to climate-proof their supply chains and prepare for the low-carbon economy,” said Rachel Delacour, CEO and co-founder of Sweep. “This latest round will serve to scale our platform’s capacity to help more companies build climate-resilient strategies that meet their climate targets quickly and cost-effectively.”
“As a growing number of companies embark on their climate commitments, they need data and science-based solutions to power them forward,” said Coatue’s founder Philippe Laffont. “We believe Sweep is the leading technology in this competitive landscape, effectively supporting sustainability efforts from measuring and target-setting, to reducing and reporting. European founders have long been at the forefront of climate innovation, and Coatue is thrilled to be on this journey with Sweep.”
“Sweep’s proven carbon accounting platform makes the invisible visible,” said Tony Fadell, Nest founder and Principal at Future Shape, who participated in this round. “This incredible team of experienced pros has dedicated their lives to building a suite of SaaS tools that help their customers, of all sizes, quickly visualize their Scope 1-3 CO2 emissions. This lets them meet their ESG targets while seeing the compelling economic benefits of going green.”
All-in-one carbon management platform
As per reports, only 10% of the 55 largest US corporations are consistently reducing emissions across their entire organisations and this situation needs to change. Governments are increasingly implementing climate-related disclosure regulations, and platforms like Sweep are proving to be successful.
Sweep was founded in 2020 by Nicolas Raspal, Rachel Delacour, Raphael Güller, Yannick Chaze in Montpellier. It offers an all-in-one carbon management platform and helps enterprises build data-driven and science-based climate programmes to tackle the climate crisis.
The startup allows organisations to accurately and seamlessly track their global emissions across three emission scopes. Its network approach to carbon accounting empowers carbon-emitting employees, subsidiaries, suppliers, and business partners to securely share their data and visualise their emissions over time.
Currently, Sweep is helping multinationals such as Saint Gobain and JCDecaux measure, track and reduce emissions in one single place. It increases their environmental compliance and anticipates costs and risks associated with climate change. Furthermore, Sweep offers a carbon marketplace that allows companies to couple their reduction efforts with investments in climate projects.
How much does it cost?
Sweep is powerful and affordable and it scales with users as they grow on their climate journey. There is a Growth plan for users priced at $950 per month (when subscribed annually and $1,100 per month. It supports up to 20 users or suppliers and an additional $50 per seat. The other one is the Enterprise plan that offers more benefits for large enterprises such as security audit.