Greenly aims to help SMEs track and reduce their carbon emissions, raises $22M

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Over the years, a growing coalition of countries, companies, and institutions have been setting bold emissions targets, pledging to reach net zero by 2050. However, tracking emissions has been notoriously difficult as criteria information remain without standards and are largely voluntary.

According to a recent Google Cloud study, while environmental, social, and governance (ESG) initiatives were a top priority for 64% of executives surveyed, 58% say their organization is guilty of greenwashing or conveying the false impression that your company’s products or practices are greener than they really are.

Although many leaders say they want to advance their organization’s sustainability efforts, there is also a gap between how well they think they are doing on the decarbonization front and how accurately they can measure their performance.

The business of tracking carbon emissions

As a critical tipping point in the climate crisis approaches, it’s no wonder there’s a booming market for companies like Greenly that help small and medium-sized businesses (SMEs) calculate, reduce and offset their emissions. . Recently selected among the FrenchTech Green 20, Greenly says that its main goal is to give companies control over their carbon data and create personalized action plans that allow them to reach their climate goals quickly and easily.

Founded in 2019 by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, Greenly is also entering a new phase of scaling, having just closed a $22 million Series A funding round co-led by Energy Impact Partners (EIP) and an investment based in Germany and France. Xange background.

With more than 400 corporate clients, France-based Greenly recently opened offices in the US to deploy its SaaS carbon management software to US SMEs. Unlike other climate management tools like Persefoni, Watershed and Sweep, Greenly claims to exclusively target SMEs as they account for 80% of global emissions.

Automation of carbon accounting

At the heart of the company’s vision, Greenly says carbon accounting will one day be ubiquitous, on a par with financial accounting, for example.

Greenly’s technology is designed to automate data collection analysis by integrating with accounting or billing data from over 100 different software solutions. These integrations allow calculating the three emission ranges in real time. And thanks to an extensive library of more than 100,000 emission factors, Greenly software is designed to convert these activities into emission measurements and generate a carbon report in accordance with international standards (GHG Protocol).

Not surprisingly, climate change is weighing heavily on the minds of business leaders across all industries. On a larger scale, this crisis reveals the world’s crippling dependence on fossil fuels and how reducing our carbon footprint must be a global priority now more than ever.

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