Leading carbon accounting startup Greenly has announced a $52 million Series B funding round led by Fidelity International Strategic Ventures, two years after a successful $23 million Series A. This latest fundraising effort establishes Greenly as a global leader in a market poised for massive adoption, spurred by new regulations like the EU's Corporate Sustainability Reporting Directive and the recent US requirement for public companies to report their greenhouse gas (GHG) emissions.
Greenly Leads the Shift to a More Climate-Aware Corporate Sphere with $52 Million in Funding. This funding round cements Greenly's role as the architect of a new corporate paradigm—a world in which monitoring and minimizing emissions becomes a universal requirement, not just for large corporations but also for the mid-market sector and small and medium-sized businesses.
This funding will enable Greenly to extend its global reach and solidify its position as the go-to comprehensive Climate Suite, facilitating a transition from an outdated model where climate expertise was a low priority for companies, externally sourced, to cultivating in-house climate knowledge and implementing effective reduction strategies that make companies excel in the new world of the Energy Transition.
In addition to Fidelity International Strategic Ventures, this funding round welcomes new investors such as BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise and HSBC, while existing partners like XAnge and Energy Impact Partners reaffirm their resolute support for Greenly. Brian Halligan, Co-Founder and Chairperson of HubSpot, also participated in the round, contributing his extensive experience to further Greenly's mission.
The First One-Stop-Shop for Climate
This capital injection will elevate Greenly’s status as a global reference in carbon management, thanks to its one-stop-shop for corporate environmental initiatives. Beyond compliance with Greenly CSRD or SEC reporting mandates, its Climate Suite allows companies to budget decarbonization and reduce emissions in line with international frameworks like SBTi.
Greenly's new Climate Academy supports organizations’ need to build in-house climate expertise, offering certification programs for managers on broad climate strategies, as well as specialized knowledge in legal compliance, detailed accounting methodologies, and sector-specific eco-design.
Product managers and Greenly solutions partners now enjoy an integrated Life Cycle Assessment (LCA) Builder, disrupting product level emission tracking by offering free LCA templates to a community of eco-designers. Greenly Cloud helps IT departments reduce data center related emissions, while Greenly Sustainable Procurement plugs into purchasing softwares to ensure suppliers actively contribute to low-carbon roadmaps.
A Growing Movement of User-Generated Insights
Leveraging the generative AI revolution, Greenly streamlines collection of large corporate datasets stemming from multiple softwares (Utilities, ERP, cloud, freight etc.), and automates analytics, using its own wealth of user-generated learning.
With 2,000 customers worldwide - 3x 2022, managing nearly 50 million tons of CO2, Greenly brings together a vibrant community, whose joint action continuously improves precision and insights on how best to reduce emissions collectively. While most companies are in the SMB and mid-market space, Greenly has been partnering with larger companies such as BNP Paribas, AXA, and L’Oreal, to promote decarbonization across their wider ecosystem.
As carbon accounting becomes the new norm, Greenly will pursue its effort to offer the most intuitive, consumer grade, user experience, running on an enterprise grade back-end. Helping more companies to become leaders of the energy transition, Greenly has laid out a plan to manage and reduce 1 billion tons of CO2 by 2030.
Commenting on Fidelity’s investment, Erik Mostenicky, Principal at Fidelity International Strategic Ventures, said, "We're excited to support Greenly as they strive to make emissions management accessible to all. In a short space of time, the Greenly team has developed an impressive platform and range of services that extend beyond mere emissions compliance monitoring. Their offerings empower companies to manage their emissions, proactively engage with suppliers and become part of a greener energy transition. Bolstered by strong regulatory tailwinds, Greenly is well-positioned to lead the global shift towards comprehensive carbon and greenhouse gas emission management. Their efforts mark a significant step towards universal corporate sustainability, and we're proud to be a part of this transformative journey."
For Alexis Normand, CEO and co-founder of Greenly: "soon, monitoring GHG emissions will become as routine as overseeing financial health. Irrespective of size, industry, or geography, it is essential that all companies have the tools to effectively manage their emissions. This Series B will give us tremendous thrust to make it happen sooner. Greenly's goal is to enable businesses to navigate more swiftly into a new era, where long-term value is synonymous with sustainable growth. We're here to simplify carbon management, making it a fundamental aspect of every organization's core practices. Our focus extends beyond regulatory compliance; we're fostering a profound transformation towards sustainability within corporate cultures. Our technology is designed to be both precise and user-friendly, inviting everyone to be part of this critical movement."
For Fidelma Russo, Executive Vice President & General Manager, Hybrid Cloud & Chief Technology Officer, at Hewlett Packard Enterprise: “Achieving sustainability targets in hybrid IT environments can be complex and daunting endeavors for even the most sophisticated enterprises. HPE’s investment in Greenly aligns with the commitments we've made to our customers to help and support them on their sustainability journeys. We're excited to partner with Greenly in providing the tools necessary for businesses to monitor, track, and minimize their carbon footprint within their IT infrastructure.”
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