Monday, July 22, 2024

Greenly Raises $52M to Drive Corporate Carbon Accountability Forward

In a landmark move for the sustainable tech industry, French startup Greenly has captured a $52 million Series B funding round, positioning the enterprise as a pivotal player in the global shift toward greener corporate practices. 

With Fidelity International Strategic Ventures leading the charge, this investment signifies a heightened commitment to environmental accountability within the business sector, showcasing a collective effort to tackle climate change head-on.

Bridging Technology and Sustainability

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Founded in 2019, Greenly has swiftly emerged as an innovator in carbon accounting technology, providing small and medium-sized enterprises (SMEs) and mid-market companies with the tools to integrate precise and intuitive carbon monitoring into their operational frameworks. 

By leveraging extensive datasets from a variety of software resources, Greenly’s Climate Suite streamlines the analytics process, facilitating a more accessible route to environmental compliance and beyond.

This latest influx of capital marks a critical juncture for Greenly, underscoring the growing demand for robust, user-friendly solutions in the quest for sustainability. 

The company’s mission transcends mere regulatory adherence, aspiring to instill a culture of eco-consciousness that resonates across all facets of corporate engagement.

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The Era of Carbon Consciousness

Alexis Normand, CEO and co-founder of Greenly, articulates a vision where vigilance over greenhouse gas (GHG) emissions becomes as commonplace as financial oversight. 

“Irrespective of size, industry, or geography, all companies must have the tools to manage their emissions effectively,” Normand states. 

With an eye towards empowering businesses to navigate a rapidly evolving landscape, Greenly stands at the vanguard of a movement that equates long-term value with sustainable growth.

Enhanced Global Reach and Technological Advancement

Credits: DepositPhotos

The Series B funding will enable Greenly to extend its global footprint and cement its status as a leader in carbon management solutions. 

Moving away from outdated models where climate expertise was often outsourced and undervalued, the company aims to foster internal knowledge and implement actionable reduction strategies. 

This transition is critical for achieving Greenly’s ambitious goal of managing and reducing 1 billion tons of CO2 by 2030.

Support for Greenly’s vision is robust, with a diverse array of investors including BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise, HSBC, and existing partners like XAnge and Energy Impact Partners reinforcing the funding round. 

The participation of HubSpot co-founder and Chairperson Brian Halligan further endorses Greenly’s strategic direction and potential for impact.

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Regulatory Tailwinds and Market Readiness

The timing for Greenly’s ascent could not be more opportune, as regulatory developments such as the EU’s Corporate Sustainability Reporting Directive and the United States’ mandate for public companies to disclose GHG emissions catalyze the market towards universal carbon accountability. 

Erik Mostenicky, Principal at Fidelity International Strategic Ventures, expresses confidence in Greenly’s capacity to harness these tailwinds, noting the company’s rapid development of a comprehensive platform and services that surpass mere compliance.

A Unified Front for Sustainability

Greenly’s partnership with Hewlett Packard Enterprise exemplifies the collaborative spirit driving the future of sustainable tech. 

Fidelma Russo, Executive Vice President & CTO at Hewlett Packard Enterprise, highlights the complexities of achieving sustainability within hybrid IT environments, underscoring the critical nature of Greenly’s contribution to simplifying carbon footprint management for businesses navigating the intricacies of modern technology.

As the global community grapples with the urgent need for climate action, Greenly’s pioneering approach to carbon accounting emerges not only as a linchpin for environmental stewardship but as a testament to the power of innovation in forging a sustainable future. 

The journey of Greenly, buoyed by significant financial backing and industry-wide support, offers a compelling glimpse into a world where business success and ecological sustainability are inextricably linked, heralding a new era of corporate engagement with our planet’s well-being.

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