Greenly Raises $23 Million to Bring Carbon Management to All Companies and Fast-Track the Transition to a Net-Zero-Carbon Economy

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.

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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.

Democratizing carbon footprinting among SMEs thanks to AI

“Today, only about 20% of global carbon emissions are tracked and managed. To effectively tackle climate change, we must disrupt a market still dominated by low tech consultancies addressing enterprises with one-shot assignments worth between $20,000 and $100,000. Competitors like Watershed or Persefoni are trying to digitize this process and it’s probably a good idea. But this still leaves out small businesses which actually make up the larger share of emissions. At Greenly, we think this market must be radically disrupted by offering simple to use, affordable software for any business type, making carbon accounting & management as pervasive as financial management. This is the only way to put businesses on a path to Net Zero and limit global warming “, explains Alexis Normand, CEO and co-founder of Greenly.

Integration Greenly with more than 100 business applications makes it possible to automatically quantify a majority of emissions-generating activities, to minimize manual data entries and to fast-track measurement. Typically, accounting data, energy or data centers consumption (Amazon Web Services, Google Cloud, etc.), as well as eCommerce activity (Shopify, etc.), can be imported directly in the platform. These integrations make it possible to monitor emission generating activities in real time. Thanks to an extensive library of more than one hundred thousand emission factors, Greenly converts these activities into emission metrics and generates a carbon disclosure report compliant with international standards (Greenhouse Gas Protocol).

Greenly also offers e-learning and engagement modules to mobilize company employees, and allows them to take ownership of the topic in full autonomy.

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For large companies, it’s also a way to associate their supplier networks with their decarbonization efforts, by benefiting from a more economical solution to decarbonize their supply chain. With its technology, Greenly automates the analysis of data collection by integrating in real time with the accounting or b****** data of more than 100 software solutions.

To support its development in Europe and the USA, Greenly will expand its technical teams, and recruit carbon footprint experts and sales representatives. Therefore, the startup will open 100 positions across Paris and the United States.

Greenly, a growing player committing to a Greener America

Supported by EIP, a leading investor in the energy transition with offices in NYC and SF, Greenly accelerates its development in the United States to help companies engage in their ecological transition and support them in defining their Net Zero trajectory. In 2021, North America experienced the hottest June and July on record, with temperatures soaring 2.77°F (1.54°C) above average. With this in perspective, Greenly is opening new positions in Paris and New York.

At a larger scale, the Russian-Ukrainian conflict highlights the fragility and overdependence of states on fossil fuel resources, reminiscent of the 1973 oil shock. Reducing our impact on the environment is essential for everyone. Both the United States and European countries are seeking to develop a greener energy sector with a focus on carbon neutrality.

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Greenly anticipates upcoming regulations in the United States to help companies manage their emissions and define a Net Zero trajectory.

For Cyril Bertrand, Managing Partner and Nadja Bresous Partner Impact at XAnge, “We are very pleased to contribute to Greenly’s hypergrowth, and thus support the acceleration of decarbonation of businesses.It is obvious that 100% of companies will have to track their emissions, just as they track their finances. What convinced us at Greenly was the ambition of the co-founders to achieve this short-term vision, at the pace of the climate emergency, as well as the quality of the tech and the UX. XAnge is specialized in supporting very high-growth SaaS companies, and we want to give them the means to achieve this ambition. This investment is a demonstration of our ambition in climate tech”

“EIP’s mission is to back the best entrepreneurs building the tools to decarbonize 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 their customer-base rapidly. We are proud to support the team on their global expansion”, says Matthias Dill Managing Partner at EIP.

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