Climate Tech Firm Sweep Raises $73 Million in Series B Funding Led by Coatue
Tony Fadell’s Future Shape also joins Series B round
Company has raised $100 million in the past year to deploy a carbon management platform for major greenhouse gas emissions-emitting industries
PARIS–(BUSINESS WIRE)–Sweep, the leading carbon management platform for large enterprises, today announced it raised $73 million in Series B funding led by Coatue. As the all-in-one carbon tool that helps large enterprises build science-based and data-driven climate programs, Sweep aims to empower hundreds more companies to reach their carbon goals.
The latest funding round comes only three months since its $22 million Series A round. In addition to Coatue, the round also had participation from Tony Fadell’s Future Shape fund. Additionally, the round had participation from all existing investors Balderton Capital, New Wave (backed by Xavier Niel and Peter Fenton), La Famiglia and 2050 (founded by Marie Ekeland). Today’s announcement underscores the power of its business intelligence and science-based software to help corporations tackle the complex task of reducing carbon emissions.
The platform’s unique network approach to carbon management helps corporations decarbonize across global supply chains which Sweep currently does for multinationals like Saint Gobain and JCDecaux. Sweep measures, tracks, and reduces emissions in one single place all while increasing environmental compliance and anticipating the costs and risks associated with climate change.
“Sweep sits at the key intersection of technology and sustainability. The scale of corporate emissions leaves businesses no choice but to leverage technology to climate-proof their supply chains and prepare for the low-carbon economy,” said 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.”
“As a growing number of companies embark on their climate commitments, they need data and science-based solutions to power them forward,” said 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.”
“Sweep’s proven carbon accounting platform makes the invisible visible,” said Tony Fadell, Nest founder and Principal at Future Shape, who participated in this round. “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 visualize their Scope 1-3 CO2 emissions. This lets them meet their ESG targets while seeing the compelling economic benefits of going green.”
Of the 55 largest U.S. corporations, only 10% are correctly and consistently reducing emissions across their entire organizations, according to this recent report. But this will likely change following SEC’s proposed disclosure rules that’d require thorough annual emission and climate risk reporting.
The Sweep team’s collaborative vision of corporate climate actions is recognized on the international scene as they sit on the World Bank’s Carbon Pricing Leadership Coalition and are a founding member of Climate Dividends.
For more information, visit sweep.net.
Founded in 2020, Sweep is the all-in-one carbon tool that helps large enterprises build a science-based and data-driven climate program. Organizations can accurately and seamlessly track their global emissions across their three emission scopes. Its network approach to carbon accounting empowers every carbon-emitting individual – such as employees, subsidiaries, suppliers, business partners – to securely share their data and visualize their emissions over time. Sweep also offers a carbon marketplace that allows companies to couple their reduction efforts with investments in climate projects. Sweep is B Corp certified and leads by example by disclosing publicly its climate journey.