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Greenly: Providing Affordable Carbon Accounting Solutions for SMBs & Mid-Market Companies

Image Credits: Greenly
By: Headliners News / March 28, 2024

Meet Greenly, a Paris-based ClimateTech startup, is making waves in the realm of carbon accounting with its innovative software designed to help smaller companies track their CO2 emissions. While major corporations have been setting net-zero emissions targets, smaller businesses often lack the resources and expertise to monitor their carbon footprint effectively. Greenly aims to bridge this gap by providing affordable carbon accounting solutions tailored to the needs of SMBs and mid-market companies.

The core product offered by Greenly is its carbon accounting software, which aggregates various data sources such as utility bills, freight records, cloud computing usage, and financial data to calculate carbon emissions across different categories and scopes. By leveraging it’s proprietary algorithms and data analysis capabilities, Greenly enables companies to gain insights into their carbon footprint and identify areas for improvement.

Alexis Normand, co-founder and CEO of Greenly has gone to say that they have built a business on helping these SMBs and mid-market companies cope with those new obligations at a lower price.

The startup has experienced significant growth, recording over $10 million in annual recurring revenue (ARR) last year. With ambitious plans to double ARR annually in the coming years, Greenly is expanding its offerings beyond company-level carbon accounting to include life cycle assessments for individual products. These assessments, which traditionally require weeks to months to complete manually, can be streamlined and accelerated using Greenly’s automation-driven approach.

To fuel its expansion and product development efforts, Greenly recently closed a $52 million Series B funding round led by Fidelity International Strategic Ventures. The round saw participation from notable investors, including Benhamou Global Ventures, Energy Impact Partners, Hewlett Packard Enterprise, HSBC, Move Capital, and XAnge.

While Greenly’s fundraising success is a testament to the growing investor interest in climate tech, it also underscores the potential of software-as-a-service (SaaS) models in addressing sustainability challenges. By applying SaaS principles to climate tech, Greenly has positioned itself as a market leader in the space, offering scalable solutions that resonate with both investors and customers alike.

As venture investors warm up to climate tech, Greenly’s Series B funding signals a broader shift in the industry, paving the way for more sustainable businesses to thrive in the market. With its innovative approach and strong financial backing, Greenly is well-positioned to drive meaningful change and make a lasting impact on the fight against climate change.

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