Carbon accounting startup Greenly nabs $52 million Series B funding round led by Fidelity International Strategic Ventures

Greenly has announced a $52 million Series B funding round led by Fidelity International Strategic Ventures, two years after a $23 million Series A.

The startup says that the latest fundraising effort establishes it as a global leader in a market poised for massive adoption, spurred by new regulations like the EU's Corporate Sustainability Reporting Directive and the recent US requirement for public companies to report their greenhouse gas (GHG) emissions.

In addition to Fidelity International Strategic Ventures, the round pulled in new investors such as BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise and HSBC, while existing partners like XAnge and Energy Impact Partners returned. 

Brian Halligan, Co-Founder and Chairperson, HubSpot, also participated.

Leveraging generative AI, Greenly streamlines collection of large corporate datasets stemming from multiple softwares (Utilities, ERP, cloud, freight etc.), and automates analytics, using its own user-generated learning. 

With 2,000 customers worldwide, it has been partnering with the likes of BNP Paribas, AXA, and L’Oreal, to promote decarbonisation across their wider ecosystem.

Erik Mostenicky, Principal at Fidelity International Strategic Ventures, says: "We're excited to support Greenly as they strive to make emissions management accessible to all. In a short space of time, the Greenly team has developed an impressive platform and range of services that extend beyond mere emissions compliance monitoring.”

“Their offerings empower companies to manage their emissions, proactively engage with suppliers and become part of a greener energy transition. Bolstered by strong regulatory tailwinds, Greenly is well positioned to lead the global shift towards comprehensive carbon and greenhouse gas emission management.”

“Their efforts mark a significant step towards universal corporate sustainability, and we'reproud to be a part of this transformative journey."

Alexis Normand, CEO and Co-founder at Greenly, comments: "Soon, monitoring GHG emissions will become as routine as overseeing financial health. Irrespective of size, industry, or geography, it is essential that all companies have the tools to effectively manage their emissions.”

“This Series B will give us tremendous thrust to make it happen sooner. Our goal is to enable businesses to navigate more swiftly into a new era, where long-term value is synonymous with sustainable growth.”

“We're here to simplify carbon management, making it a fundamental aspect of every organisation's core practices.”

“Our focus extends beyond regulatory compliance; we're fostering a profound transformation towards sustainability within corporate cultures. Our technology is designed to be both precise and user-friendly, inviting everyone to be part of this critical movement."

Fidelma Russo, Executive Vice President & General Manager, Hybrid Cloud & Chief Technology Officer, at Hewlett Packard Enterprise, says: “Achieving sustainability targets in hybrid IT environments can be complex and daunting endeavours for even the most sophisticated enterprises.”

“HPE’s investment in Greenly aligns with the commitments we've made to our customers to help and support them on their sustainability journeys. We're excited to partner with Greenly in providing the tools necessary for businesses to monitor, track, and minimise their carbon footprint within their IT infrastructure.”