On the green track! Greenly plants $23 million to help SMEs monitor carbon management effectively

The ongoing Russian-Ukrainian conflict highlights the fragility and overdependence of states on fossil fuel resources. Reducing our impact on the environment has never been more important. Add to it, the general race towards a net-zero world as countries seek to develop a greener energy sector. The increase in regulations and the rise of customer demand have led to a dramatic rise in the number of companies committing to low carbon strategies.

Berlin-based climate protection app Klima raised €10 million this week to enable companies to actively anchor personal climate protection in the corporate culture. Adding another green layer to the already existing startups in this race, French startup Greenly plans to disrupt the consultancy-led process of collecting and analysing data manually.

Founded in October 2019 by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, the Paris-based platform allows SMEs to monitor their operations and supply chain in real-time by providing less carbon-intensive alternatives.

For doing so, it has raised $23 million in funding to scale carbon accounting and management across Europe and the U.S. The Series A round was led by US-based investment platform focused on the energy-transition Energy Impact Partners (EIP) and European early-stage investment tech fund XAnge. New investors such as Jean-Baptiste Rudelle, founder of Criteo, and the Galion Project also participated in the round.

The new cash will allow the company to continue its global rollout with focus on the U.S. and Europe. To kickstart its operations in the U.S., the startup recently opened new offices in New York.

Alexis Normand, CEO and co-founder, Greenly said: “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. As small businesses make up the larger share of emissions, this market must be radically disrupted by offering simple to use, affordable software for making carbon accounting and management as pervasive as financial management. This is the only way to put businesses on a path to Net Zero and limit global warming.”

The green tech also offers e-learning and engagement modules to mobilise company employees and allows them to take ownership of the topic in full autonomy.