Climate solutions software provider Watershed has achieved unicorn status, reaching a $1 billion valuation in its latest financing. The company announced today that has raised $70 million in a Series B round co-led by venture capital investors Sequoia and Kleiner Perkins.

Watershed’s software platform helps businesses plan, implement and run climate programs. The company’s solutions allows companies to analyze and measure scopes 1, 2, and 3 emissions, providing dashboards enabling drill-downs by categories including scope, category, vendor, and location, benchmarked against industry peers. The platform also enables companies to assess the impact of solutions such as clean power projects, to access and invest in carbon removal and high-quality carbon offsets, and to generate carbon accounting reports consistent with TCFD, CDP, SASB, and GRI standards.

Watershed said that it will use the new capital to accelerate hiring and to fund the development of its climate solutions tools.

In a statement announcing the financing, Watershed said:

“Solving climate change will require organizations to rethink the decisions they make every day—about how to power buildings, make products, grow food, and move goods. Watershed is designed for the people on the front lines of this work: climate teams who use our software to measure emissions, deploy clean power, fund cutting-edge carbon removal, collaborate with their vendors, and report on climate progress with the same rigor as their financials.”

In addition to the financing, Watershed announced the appointment of two high-profile advisors, Mark Carney and Christiana Figueres. Carney, formerly the Governor of the Banks of Canada and England, served as UN Special Envoy for Climate Action and Finance, and founded the Glasgow Financial Alliance for Net Zero (GFANZ). Figueres served as Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), spearheading the Paris climate agreement, and also co-founded climate-action focused organizations Global Optimism and the Climate Pledge.

Carney said:

“The private sector is essential to solving climate change. I’m delighted to work with Watershed to help every company get to zero carbon, fast.”

Figueres added:

“With only eight years to cut global emissions in half, it’s time to move from talk to action on solving climate change. I’m excited to work with Watershed to help companies make real changes on the way to net zero.”

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