Fidelity leads $52M funding for Greenly's carbon accounting tech

French 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. 

Founded in 2019, Greenly makes carbon accounting intuitive, precise and affordable for SMEs and mid-market companies. Greenly offers a comprehensive Climate Suite that helps companies become frontrunners in energy transition.

It streamlines the collection of large corporate datasets stemming from multiple software resources (Utilities, ERP, cloud, freight, etc.) and automates analytics, using its own wealth of user-generated learning.

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.

According to 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, all companies must have the tools to manage their emissions effectively. 

Greenly's goal is to enable businesses to swiftly enter 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 organisation'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 precise and user-friendly, inviting everyone to join this critical movement."

This funding will enable Greenly to extend its global reach and solidify its position. It will facilitate a transition from an outdated model in which climate expertise was a low priority for companies and externally sourced, to cultivating in-house climate knowledge and implementing effective reduction strategies.

In addition to Fidelity International Strategic Ventures, this funding round welcomes BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise, HSBC, and existing partners like XAnge and Energy Impact Partners. Brian Halligan, co-founder and Chairperson of HubSpot, also participated in the round.

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 time, the Greenly team has developed an impressive platform and range of services that extend beyond emissions compliance monitoring. 

Strong regulatory tailwinds have positioned Greenly well to lead the global shift towards comprehensive carbon and greenhouse gas emission management."

Fidelma Russo, Executive Vice President & General Manager of hybrid Cloud & Chief Technology Officer at Hewlett Packard Enterprise, shared: 

"Achieving sustainability targets in hybrid IT environments can be complex and daunting for even the most sophisticated enterprises. 

We're excited to partner with Greenly to provide the tools necessary for businesses to monitor, track, and minimise their carbon footprint within their IT infrastructure.

Greenly plans to manage and reduce 1 billion tons of CO2 by 2030.

Lead image: L- R: Laetitia Carle (COO and Director-General, France), Matthieu Vegreville (CTO and co-founder), Alexis Normand (CEO and co-founder), Arnaud Delubac (CMO and co-founder). Photo. Uncredited.