Image credits: Sweep
Sweep, a Montpellier, France-based carbon management platform, announced that it has secured $73M (approx €66.5M) in Series B round of funding led by Coatue. Existing investors, including Balderton Capital, New Wave, La Famiglia, and 2050, also participated.
The funding announcement comes just three months after raising $22M (approx €20M) in a Series A funding round.
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“Sweep sits at the key intersection of technology and sustainability. The scale of corporate emissions leave businesses no choice but to leverage technology to climate-proof their supply chains and prepare for the low-carbon economy,” says Rachel Delacour, CEO and co-founder of Sweep. “This latest round will serve to scale our platform’s capacity to help more companies build climate-resilient strategies that meet their climate targets quickly and cost-effectively.”
Sweep: What you need to know
Founded by Rachel Delacour, Raphael Güller, and Yannick Chaze in 2020, Sweep is a software platform that helps companies understand, manage and reduce their carbon emissions across their entire business and value chain.
Sweep says that using its platform, organisations can track their global emissions across their three emission scopes. Thanks to its network approach, the platform accounts for every carbon-emitting individual like employees, subsidiaries, suppliers, and business partners to securely share their data and visualise their emissions over time.
The B Corp certified French startup also offers a carbon marketplace that allows companies to couple their reduction efforts with investments in climate projects.
Investor
Based out of New York, Coatue invests in public and private equity markets focusing on the technology, media, and telecommunications industries.
“As a growing number of companies embark on their climate commitments, they need data and science-based solutions to power them forward,” says Coatue’s founder Philippe Laffont.
“We believe Sweep is the leading technology in this competitive landscape, effectively supporting sustainability efforts from measuring and target-setting, to reducing and reporting. European founders have long been at the forefront of climate innovation, and Coatue is thrilled to be on this journey with Sweep,” he adds.
“Sweep’s proven carbon accounting platform makes the invisible visible,” said inventor and investor, Tony Fadell. “This incredible team of experienced pros has dedicated their lives to build a suite of SaaS tools that help their customers, of all sizes, quickly visualise their Scope 1-3 CO2 emissions. This lets them meet their ESG targets while seeing the compelling economic benefits of going green.”
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