From EU Startups, December 14:
Montpellier-based Sweep has just raised €19 million in Series A funding for its pioneering carbon management platform.
Balderton Capital led the round with participation from New Wave, La Famiglia and 2050. This round of funding brings the company’s total funding to €23.9 million, less than a year since launch.
With anxiety-inducing climate warnings continuously emerging, companies are now at a critical moment to reduce their carbon footprint, and there is growing pressure from customers, investors, partners, regulators and employees for businesses to take action. However, there is a massive discrepancy occurring between companies making carbon pledges, and actually implementing and reporting concrete progress towards carbon reduction goals. Greenwashing is becoming an all too familiar buzzword. It’s estimated that in November this year, over 90% of companies weren’t measuring their emissions accurately and regularly – which is the key to building a solid climate programme.
As an all-in-one carbon emission management platform, Sweep allows enterprises to build a science-based and data-driven climate programme, enabling organizations to accurately and seamlessly track their global emissions across their three emission scopes. This network approach to carbon accounting empowers every carbon-emitting individual – such as employees, subsidiaries, suppliers, business partners – to share their data and visualize how their activities are making a difference. The sustainability-focused company also offers a carbon marketplace which allows companies to couple their reduction efforts with investments in carbon positive projects.
Rachel Delacour, CEO and co-founder of Sweep, said: “Reporting direct emissions is just the tip of the iceberg for the world’s largest corporations....
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