Climate tech startup Sweep announced that it has raised $73 million in Series B funding, bringing its total capital raised to $100 million over the past year, with proceeds aimed at deploying the company’s carbon management platform for major greenhouse gas emitting industries.
Rachel Delacour, CEO, and Co-Founder of Sweep, said:
“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. 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.”
Founded in 2020, Sweep is a platform for measuring carbon emissions, helping large businesses to build science-based and data-driven climate programs by enabling them to track global emissions across the value chain. The company also offers a carbon marketplace that enables companies to augment emissions reduction efforts with investments in climate projects.
The latest financing round was led by global investment firm Coatue, with participation from Tony Fadell’s Future Shape fund and all of Sweep’s all existing investors including Balderton Capital, New Wave, La Famiglia, and 2050.
Philippe Laffont, Coatue’s Founder, said:
“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.”
Tony Fadell, Nest founder, and Principal at Future Shape 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 Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More targets while seeing the compelling economic benefits of going green.”
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