Montpellier-based carbon management platform Sweep has raised $73 million in a Series B funding round. The startup targets large enterprises and helps them meet the growing demand from customers to net-zero sustainability goals. Building from raise to raise, Sweep netted $5 million in a seed round around this time last year, took home $22 million in mid-December of last year, and now boasts $100 million in the kitty.
Greenwashing, green sheen, whatever you want to call it, has been a problem since the term first appeared in the mid-1980s. Not exactly the same topic, but in the same ballpark, the issue of lip service has become so prevalent that Boston Consulting Group reported, “that over 90% of companies aren’t measuring their emissions accurately and regularly.”
Again, the topic has become so important, that last year, the then barely two-year-old climate action and carbon management platform Planetly was snapped up by US-based OneTrust for an undisclosed amount, clearly signaling that enterprise companies are taking their ESG responsibilities seriously. In other words, Sweep is hot in a red hot marketplace.
Sweep counts multinational companies including Saint Gobain and JCDecaux amongst its client base and helps them measure, track, and reduce emissions from one intuitive dashboard.
“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,” explained Sweep co-founder and CEO Rachel Delacour. “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.”
In addition to Coatue’s lead, Sweep’s $73 million Series B round saw participation from Tony Fadell’s Future Shape fund, with all existing investors Balderton Capital, Xavier Niel and Peter Fenton backed New Wave, La Famiglia, and Marie Ekeland’s 2050 all following on.
"Sweep's proven carbon accounting platform makes the invisible visible,” commented Fadell. “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."