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. Sweep connects large enterprises with their entire network of business partners, staff, and suppliers to get a complete overview of their direct and indirect emissions. Our enterprise-grade tool is here to make carbon data collection, security and analysis seamless and automated, so companies focus on reducing their carbon footprint and contributing to global net-zero efforts.”
Since its launch, Sweep has been working with Financial Times Stock Exchange 500 (FTSE) companies each responsible for 30-50 MtCO2e of carbon emissions per year. The young company has been trusted to help these businesses build a science-based and data-driven climate programme that responds to the climate emergency and anticipate coming sustainable reporting regulations.
Earlier this month, the eco-conscious startup was one of the few companies selected to present at COP26 at the UK Cabinet’s Tech for Our Planet program, which showcases the technologies designed to help reach global net-zero targets. For this pilot, Sweep worked with French investment bank Bpifrance to measure the footprints of two companies it’s investing in: telecommunications firm Orange and education tech company Openclassrooms.
In addition, Sweep has launched the initiatives feature to make it even easier for enterprises to identify the most effective carbon reduction roadmap against their climate goals. By simulating different reduction strategies and distributing action steps, teams can track progress against their climate goals.
As a global society, we all have a part to play in reducing our carbon emissions and getting on the path to net-zero. Sweep is pioneering the way for large enterprises to make actionable differences and improve the health of our world.
The fresh funding will be used to meet the high demand for Sweep’s product, and help promote sustainable climate programmes being created across Europe and further afield.
