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Leading carbon accounting startup Greenly has closed a Series B fundraising round of €52 million, after raising €23 million in a Series A round two years earlier, highlighting its expertise in carbon management.

Funding Leadership

The round was led by Fidelity International Strategic Ventures. Driven by new rules such as the EU’s Corporate Sustainability Reporting Directive and the recent US mandate for public firms to report their greenhouse gas (GHG) emissions, Greenly’s most recent fundraising campaign positions the company as a global leader in a market ready for widespread adoption.

As part of this funding round, Fidelity International Strategic Ventures is joined by new investors BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise, and HSBC. Meanwhile, longstanding partners XAnge & Energy Impact Partners reiterate their unwavering support for Greenly. In the round, HubSpot co-founder and chairman Brian Halligan also took part, lending his knowledge to support Greenly’s objectives.

Expansion Plans

With this funding, Greenly will be able to expand its global reach and firmly establish itself as the industry-leading comprehensive Climate Suite. Moreover, this will help companies move from an antiquated model in which obtaining climate expertise from outside sources was of low priority to developing in-house climate knowledge and implementing efficient reduction strategies that will help them thrive in the new Energy Transition world.

Greenly’s CEO and co-founder, Alexis Normand, stated:

“Growing up greenhouse gas emissions will soon become as commonplace as managing financial health. All businesses must have the resources to efficiently manage their emissions, regardless of their size, sector, or location. We will have a great push to make it happen sooner thanks to this Series B. The mission of Greenly is to help companies move more quickly into a new era where sustainable growth and long-term value are synonymous. Our goal is to streamline carbon management so that it becomes an essential part of any company’s daily operations. We are promoting a significant shift in company attitudes toward sustainability rather than just adhering to regulations. With its precise and user-friendly design, our technology invites everyone to join this important cause.”

Sustainable Growth Initiatives

With its one-stop shop for corporate environmental activities, Greenly will become a global leader in carbon management with this capital infusion. Beyond meeting SEC reporting requirements or Greenly CSRD compliance requirements, its Climate Suite enables businesses to budget for decarbonization and cut emissions by global frameworks such as SBTi.

Related Content: Carbon Market player Carbonable secures €1.2M

Greenly’s new Climate Academy was founded in 2019 to assist businesses in developing internal climate expertise. It provides managers with certification programs on broad climate strategies, in-depth accounting techniques, and industry-specific eco-design, in addition to specialized knowledge in legal compliance.

With the release of an integrated Life Cycle Assessment (LCA) Builder, product managers, and Greenly Solutions partners can now disrupt product level emission tracking by providing free LCA templates to an eco-designer community. Further, IT departments can lower emissions associated with data centers by using Greenly Cloud, and Greenly Sustainable Procurement integrates with procurement software to guarantee suppliers actively participate in low-carbon roadmaps.

Venture Support

Erik Mostenicky, Principal at Fidelity International Strategic Ventures, said:

“We’re excited to support Greenly as they strive to make emissions management accessible to everyone. The Greenly team has quickly created an amazing platform and a wide range of services that go beyond simple monitoring of emissions compliance. With the help of their products, businesses may actively interact with suppliers, control emissions, and contribute to the shift to cleaner energy sources. Backed by strong legislative support, Greenly stands ideally positioned to lead the global transition toward comprehensive control of carbon and greenhouse gas emissions. Their initiatives represent a major advancement in the direction of business sustainability for all, and we are honored to be a part of this revolutionary process.”

Fidelma Russo, Executive VP & General Manager, Hybrid Cloud & CTO, at Hewlett Packard Enterprise, stated:

“Even the most sophisticated enterprises may find it difficult and intimidating to achieve sustainability targets in hybrid IT environments. HPE’s investment in Greenly is consistent with our pledges to our clients to assist and encourage them in their pursuit of sustainability. We’re excited to collaborate with Greenly, empowering companies with the resources to actively track, monitor, and reduce their IT infrastructure’s carbon footprint.”

Image Credit: Greenly

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