Paris-based carbon management platform for large enterprises, Sweep, announced on Tuesday that it has raised $22M (€19.5M) in a Series A round of funding.
Sweep also claims that it is also the highest publicly disclosed Series A round by any carbon management platform.
The round was led by Balderton Capital with participation from New Wave, La Famiglia and 2050. Since its launch in April, the company has raised a total of $27M.
Bernard Liautaud, Managing Partner at Balderton Capital, says, “Sustainability is a huge priority for us at Balderton and Sweep’s mission and vision are perfectly aligned with our Sustainable Future Goals. When we looked at the market, we were incredibly impressed with the strength of Sweep’s team, and the thoughtfulness and maturity of their product. We’re excited to support them as they help companies to effectively take responsibility for their carbon footprints.”
With this development, Liautaud will join Sweep’s board of directors.
Sweep claims the newly raised funds will enable the company to develop its platform to meet the high demand of prospective customers who want to use their services.
Rachel Delacour, CEO and co-founder of Sweep, says, “Reporting direct emissions is just the tip of the iceberg for the world’s largest corporations. Sweep connects large enterprises with their entire network of business partners, staff, and suppliers to get a complete overview of their direct and indirect emissions.”
“Our enterprise-grade tool is here to make carbon data collection, security and analysis seamless and automated, so companies focus on reducing their carbon footprint and contributing to global net-zero efforts,” she added.
Founded in 2020 by Rachel Delacour and Nicolas Raspal, with a commercial launch in April, 2021, Sweep helps companies to make a carbon programme to cut emissions and meet their net-zero target.
Its platform allows individuals associated with an organisation such as employees, suppliers, and partners, to record their carbon emissions in one place.
It also automates the process of data collection, security and analysis. This lets stakeholders visualise the impact of their carbon emission on the environment and companies, and take efforts to reduce it.
Sweep claims to be working with FTSE 500 companies, each responsible for 30-50 MtCO2e of carbon emissions per year. It helps them create a climate program that responds to the climate emergency and anticipates any upcoming sustainable reporting regulations.
In December, Sweep was one of the companies selected to present at COP26 at the UK Cabinet’s Tech for Our Planet programme. For this, Sweep worked with French investment bank Bpifrance to measure the footprints of two companies it’s investing in: telecommunications firm Orange and education tech company Openclassrooms.