Enterprise sustainability platform Watershed announced today that it has raised $100 million in a Series C funding round, with proceeds aimed at supporting the expansion of its solutions and reach enabling corporate climate action.

The fundraising round values Watershed at $1.8 billion, which would make it the most valuable climate software company in the world.

Founded in 2019, San Francisco-based Watershed provides and enterprise sustainability platform enabling companies to measure, report, and reduce their greenhouse gas emissions, to meet their climate goals and address regulatory sustainability reporting requirements. The company’s solutions include a climate database for granular emissions measurement, software tools for sustainability reporting and supply chain engagement, and a marketplace for companies to access carbon removal and clean power projects. Watershed’s customer base includes General Mills, Suncorp, Medline, BBVA, Paramount, Spotify, Klarna, 4 of the top 6 US banks, and 6 of the top 10 private equity firms.

According to Watershed, the company has experienced significant growth since its $70 million Series B fundraising round in 2022, with its customer base now managing 479 million tonnes of CO2e, up from 20 million, and with the recent acquisition of greenhouse gas emissions database CEDA, the launch of its corporate climate disclosure software solution, Watershed Disclosure, and the establishment of partnerships with companies and organizations including KPMG, Accenture, ERM, PCAF.

Watershed said that the support the company’s investments in emissions measurement, sustainability reporting and decarbonization solutions, and the company aims to expand its presence in the UK and Europe.

Watershed co-founder Taylor Francis said:

“Corporate climate action is accelerating. Companies of all sizes and sectors are making sustainability a board-level priority, and we are supporting them as they work to measure, report, and reduce their emissions. This new investment will bolster our mission to accelerate the climate economy.”

The funding round was led by technology-focused investor Greenoaks, and included participation from existing investors including Kleiner Perkins, Sequoia Capital, Elad Gil, Emerson Collective, Galvanize Climate Solutions, and Neo, among others.

Neil Mehta, Managing Partner at Greenoaks, said:

“Carbon measurement and climate disclosures are shifting quickly from optional to mandatory. We believe Watershed has emerged as the clear market leader, with a sophisticated data engine that is already best-in-class and gets even better with scale. That is why they have become the first choice for the world’s largest and most complex enterprises, who trust Watershed to measure rigorously, report accurately, and act decisively. We are delighted to partner with the Watershed team as they pursue this urgent and important mission.”