Mike Hanrahan, co-founder and chair of Sustain.Life. Image: David Solodukho
Based in New York, the start-up has now merged with NYSE-listed Workiva to create a new platform that makes carbon emissions reporting easier.
Sustain.Life, the sustainability start-up co-founded by Irishman Mike Hanrahan, has been acquired by emissions reporting compliance platform Workiva.
A merger agreement filed with the US Securities and Exchange Commission (SEC) this week shows that the deal is valued at $100m.
Sustain.Life helps companies manage emissions by supporting operational changes in areas such as energy, water and waste. Users without expertise are able to measure their impact from internal operations and supply chains, reporting their progress to customers, investors and employees.
Following the acquisition, Workiva has launched a new platform called Workiva Carbon, which combines technology and expertise from Sustain.Life with the company’s existing software to simplify the management of emissions targets for organisations. It will help them be more transparent and meet the requirements of global climate regulations, including the Corporate Sustainability Reporting Directive, the SEC’s climate disclosure rules and climate-related legislation in California.
“This isn’t just a new chapter for us; it’s a huge step forward in our mission to empower organisations with the digital tools to measure, manage and report their emissions,” said Annalee Bloomfield, CEO and co-founder of Sustain.Life.
Bloomfield previously led the product team at Jet.com, a retail technology company co-founded by Hanrahan that was acquired by Walmart for $3.3bn in 2016. Hanrahan, Bloomfield and Patrick Campagnano went on to establish Sustain.Life in 2021.
The New York-headquartered start-up raised $16m in a seed funding round led by Hanrahan and Tapestry VC two years ago support its hiring, software development and customer growth.
“It’s been an incredible few years building the company with my co-founders … and I have loved every minute of it,” Hanrahan wrote on LinkedIn announcing the acquisition.
“Climate change is the key challenge of our times, and it is very gratifying to see our product land in such an amazing company who will no doubt do an incredible job taking it to scale. Huge thanks to the whole team [at Sustain.Life] for the long hours and late nights building this company up and taking us to this point.”
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