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Founders Alexis Normand, Matthieu Vegreville and Arnaud Delubac said the investment will expand the climate-tech start-up’s reach in Europe and the US.
Greenly, a Paris-based start-up that helps businesses with carbon footprint management, has raised $52m in Series B funding led by Fidelity International Strategic Ventures.
Founded in 2019 by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, Greenly has become a European frontrunner in the climate-tech space. The start-up has developed a suite of carbon management tools that are used by more than 2,000 clients, including BNP Paribas, AXA and L’Oréal.
“Our focus remains steadfast on facilitating a seamless transition for businesses from outdated, manual carbon accounting methods to a more dynamic, technology-driven approach,” Greenly wrote in an announcement yesterday (20 March).
“The funds will be instrumental in refining our software solutions, broadening our service offerings and increasing our market reach, particularly in the US and Europe.”
Greenly said the latest funding will help improve its Climate Suite with features such as a life-cycle assessment builder and cloud and sustainable procurement tool to help business make informed decisions about their carbon footprint.
“This capital will also allow us to invest in our Climate Academy, reinforcing our objective to build in-house climate expertise across sectors, and offer specialised knowledge in compliance, accounting methodologies and eco-design,” the company said.
Other backers of the Series B investment include BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise, HSBC, XAnge and Energy Impact Partners. Greenly previously raised $23m in Series A funding in February last year, in a round led by Energy Impact Partners and XAnge.
This major climate-tech investment in Europe comes at a time when the continent is taking steps to reduce its carbon emissions significantly amid a global climate crisis.
Last month, the European Commission recommended that the EU aims for a 90pc net reduction in greenhouse gas emissions by 2040 to be able to meet its target of net-zero emissions by 2050.
The plan has been published under the EU Climate Law regulation that 2040 targets must be set within six months of the UN global stocktake, which took place at COP28 last year. Globally, emissions need to be cut by about 43pc by 2030 compared to 2019 levels to limit global heating to 1.5 degrees Celsius, as agreed at COP21 in Paris in 2015.
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