Carbon accounting Greenly announced that it has raised that it has raised $52 million in a Series B funding round, with proceeds aimed at supporting the acceleration of the company’s growth and enhancing its suite of solutions enabling companies to measure and manage their carbon emissions.

Founded in 2019 by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, Paris-based Greenly provides solutions aimed at enabling companies – including mid-market, medium- and small-sized enterprises) to monitor and reduce and report emissions. The company’s solutions include its Climate Suite, allowing companies to budget decarbonization and reduce emissions in line with frameworks such as SBTi, Climate Academy, supporting the building of in-house climate expertise, Greenly Cloud, helping IT departments to reduce data center-level emissions, and Greenly Sustainable Procurement, which plugs into purchasing software to ensure suppliers actively contribute to low-carbon roadmaps.

According to the company, the new fundraising comes as the market for carbon accounting and management solutions is “poised for massive adoption,” driven by regulations such as the EU’s CSRD and new SEC requirements for US public companies to report their greenhouse gas emissions.

Alexis Normand, CEO and co-founder of Greenly, said:

“Greenly’s goal is to enable businesses to navigate more swiftly into a new era, where long-term value is synonymous with sustainable growth. We’re here to simplify carbon management, making it a fundamental aspect of every organization’s core practices. Our focus extends beyond regulatory compliance; we’re fostering a profound transformation towards sustainability within corporate cultures.”

The new funding round was led by Fidelity International Strategic Ventures, and included participation from new investors including BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise and HSBC, as well as existing investors XAnge and Energy Impact Partners. Brian Halligan, Co-Founder and Chairperson of HubSpot, also participated in the funding round.

Erik Mostenicky, Principal at Fidelity International Strategic Ventures, said:

“We’re excited to support Greenly as they strive to make emissions management accessible to all. In a short space of time, the Greenly team has developed an impressive platform and range of services that extend beyond mere emissions compliance monitoring. Their offerings empower companies to manage their emissions, proactively engage with suppliers and become part of a greener energy transition.”