BeZero Carbon, a provider of carbon credit scoring, risk assessments and analysis, has banked $50 million in a series B round led by US investment firm Quantum Energy Partners.
BeZero Carbon's freely-available carbon credit methodology allows investors and end-buyers of carbon credits to probe the efficiency of a specific offset on the market before closing on any eventual deal.
On top of the core methodology, BeZero also offers enriched carbon offset assessments, insights and risk tools on a pay-for-access basis, and publishes software API plug-ins to run its data through third-party carbon credit exchanges.
Since launching two years ago, BeZero has signed up several big names; to name just a few it is working with Norwegian energy producer Equinor, mining and commodity trading group Glencore and emissions tracking startup Watershed.
Further scope for collaboration is anticipated through strategic deals with Hitachi and EDF, and also through collaborations with energy market data provider ICE, expected to create "standardised" trading products factoring in BeZero's carbon offset metrics.
These collaborations were formed with the aim of taking BeZero's coverage into new markets, particularly in continental Europe but also into Asia.
Tommy Ricketts, CEO and co-founder of BeZero Carbon, said he believed there was a "once in a generation" chance to embed carbon trading into economic models, potentially spurring ecological and environmental regeneration.
Ricketts added: "Starting with carbon, effective ecosystem markets have huge potential to accelerate the Net Zero transition and generate economic prosperity.
"Developing the information infrastructure that allows these markets to take off is fundamental to their growth. The raise will ensure we can continue to invest in our ratings, risk and analytics tools to make this vision a reality.”
The London-headquartered startup cites estimates showing carbon permit trading will reach $50 billion of value by 2030.
EDF Pulse Ventures, a corporate VC aligned to French energy group EDF, participated in the round alongside Hitachi's second corporate venture fund, Hitachi Ventures 2.
The round, expected to lead to the opening of new offices for BeZero in New York and Singapore, also included Intercontinental Exchange, Molten Ventures, Norrsken VC, Illuminate Financial, Qima and Contrarian Ventures.