Patch, a US-based startup in the climate technology sector, has secured $55 million in a Series B fundraising round.
Coatue Management, which supported Kurtosis and OneSignal, and Andreessen Horowitz joined new and current investors in the investment round, which was headed by Energize Ventures. The company has now raised $80 million in total capital as a result of this round.
With the help of this most recent round of funding, Patch will be able to expand into new areas while continuing to support its hiring drive.
Additionally, it will support the growth of a larger technological footprint, putting the business on course to have a significant global climate effect.
According to Tyler Lancaster, a partner at Energize Ventures who joins the Patch board of directors, “the market for carbon credits is on a trajectory to exceed $50 billion in the next 10 years, making it one of the largest and most important marketplaces of our time.”
“However, the infrastructure for carbon credits today is largely fragmented and unstandardized, making it challenging and complicated to access. The platform offered by Patch gives the carbon market the much-needed digital foundation it needs to scale to achieve the world’s climate goals while decreasing transaction complexity for producers and consumers alike,” added Tyler.
According to Brennan Spellacy, CEO, and co-founder of Patch, “we are at a key turning point and it’s essential we get as many firms as possible taking action to reverse climate change.” However, many struggles[[]()]() with how to integrate this action into their business.
“At Patch, we’re trying to change that. Brennan continued, “Our infrastructure lowers the entry barrier for companies and project developers wishing to enter the carbon market, which, in turn, might help unlock 20% of the solution to climate change that the world so desperately needs.
Brennan Spellacy and Aaron Grunfeld launched the company in 2020 in San Francisco. Its goal is to sequester carbon on a gigatonne scale.
Patch empowers consumers and organizations to take action against climate change with an API and a marketplace that enables businesses to effortlessly acquire as little as a gram to giga-tonnes of carbon removal from reliable and verified carbon removal projects.
With Patch, businesses can incorporate climate action into their goods and offset the carbon footprint of routine activities like shipping, traveling, and using financial services.
Using Patch, businesses may make adjustments for emissions in their operations and supply chain. Businesses and people can use it as a platform to easily take significant climate action.
The purchase of carbon credits is being transformed by the transparent infrastructure, which was previously complicated and opaque.
Additionally, Patch offers the infrastructure required to expand and develop its operations, enabling significant trades on the voluntary carbon market, which is expected to reach $100 billion in sales by 2050.
In the past year, Patch has rapidly expanded its staff by 400 percent, adding more than 60 individuals globally, and established a European office in London.
