Founded in 2020, carbon management platform Sweep is helping enterprises build data-driven and science-based climate programmes – a crucial part of businesses’ contribution to tackling the climate crisis. The firm has today announced an impressive raise of €66.5 million, demonstrating the promise and power of the platform. Further, this comes just months after a €19 million raise in December 2021.
Coatue has led this Series B funding round with participation from existing investors Balderton Capital, New Wave, La Famiglia and 2050. Sweep aims to empower hundreds more companies to reach carbon goals with its all-in-one tool, and this raise puts confidence and trust in the system.
Based in Montpellier, Sweep allows organizations to 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, and business partners – to securely share their data and visualize their emissions over time.
Rachel Delacour, CEO and co-founder of Sweep, explained: “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.”
Sweep is currently helping multinationals such as Saint Gobain and JCDecaux measure, track and reduce emissions in one single place, increasing their environmental compliance and anticipating costs and risks associated with climate change.
It’s reported that of the 55 largest U.S. corporations, only 10% are correctly and consistently reducing emissions across their entire organizations – clearly, something needs to change. Governments are increasingly implementing climate-related disclosure regulations, and platforms like Sweep will prove crucial in having success in this process. This April, UK companies will have to file TCFD- aligned climate reports for the first time, so this funding comes at a crucial time for Sweep to scale and meet the increasing need for its product.
Coatue’s founder Philippe Laffont commented: “As a growing number of companies embark on their climate commitments, they need data and science-based solutions to power them forward. 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 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. 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.
Inventor and investor, Tony Fadell, added: “Sweep’s proven carbon accounting platform makes the invisible visible. 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.”