European carbon measurement, reporting and reduction software provider Plan A announced that it has raised $27 million, with proceeds from the financing aimed at growing its team and expanding its platform’s capabilities.
Founded in 2017, Plan A provides corporate carbon accounting, decarbonization, and 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 reporting software. The company’s Sustainability Platform automatically maps data across Scopes 1, 2, and 3 emissions, merging them with national emission factors and datasets, enabling users to set and achieve science-based targets, and to self-manage the net zero process from data collection and decarbonization planning to non-financial reporting. The platform’s solutions are aligned with internationally recognized scientific methodologies and standards such as the Greenhouse Gas Protocol and the Science Based Targets initiative (SBTi), and the accuracy of the applied Corporate Carbon Footprint (CCF) calculation methodology is certified by TÜV Rheinland.
Plan A has grown its customer base to more than 1,500 clients, and increased revenues more than 600% year over year in 2022.
The company said that it will use the funds to double its headcount to 240 employees in order to expand in Europe, especially France, the UK, and Scandinavia. It also intends to advance its platform’s Scope 3 coverage and actionability and policy alignment capabilities.
Lubomila Jordanova, CEO of Plan A, said:
“Climate change and the associated impacts pose an existential risk to businesses. We are over the moon to bring these stellar investors onboard the Plan A journey today to back us in navigating the complexity of corporate decarbonisation and address climate change on a global scale.”
The funding round was led by Lightspeed Venture Partners and included Visa—with whom Plan A signed an exclusive global partnership – Deutsche Bank, Opera Tech Ventures (VC arm of BNP Paribas), and existing investors such as HV Capital, Keen Venture Partners, Demeter IM, and coparion.
Julie Kainz, Partner at Lightspeed Venture Partners, said:
“We’ve been closely following the journey of Lubomila and the entire Plan A team over the past years and it has become incredibly clear to us that they have positioned themselves as a leader in this space. The strength and flexibility of their platform truly has the capabilities to drive change and impact within organisations from across any sector and on a global scale, and to guide organisations both small and large on a holistic decarbonisation journey.”