Greenly raises $3 million to deploy its AI-powered carbon accounting solution

10 septembre 2021

Greenly, a technology start-up specializing in helping organizations reduce their carbon dioxide emissions, announced this week that it has raised $3 million from a group of investors. With this new funding, the start-up hopes to be able to deploy its Software-as-a-Service (SaaS) solution to a larger number of SMEs and also to begin its international development. </strong><h2>A young start-up with the ambition to use AI for a better management of carbon emissions </h2>The market for<sub>CO2</sub> emissions management solutions is estimated at between$ 10 and $26 billion over the next five years. The US Green Deal and the new "EU Taxonomy for Sustainable Business" are putting pressure on companies to manage their carbon emissions. The obligation to set GHG emission targets is now shifting from large companies to their suppliers. Founded in 2019 by Alexis Normand, Matthieu Vegreville and Arnaud Delubac, who first worked at Withings, Greenly specializes in carbon emissions tracking. From its inception, the startup focused on creating a mobile app to automatically track individual carbon footprints with banking transactions. Greenly has also developed an AI-based analytics and recommendation engine to suggest practical ways to reduce one's emissions, such as suggesting lower-carbon alternatives to suppliers. For Alexis Normand, CEO and co-founder of Greenly: <blockquote>"Greenly's vision is that all companies should play a role in the fight against global warming. You can't improve something you don't measure. But you also need simple tools that any SME can use to make this measurement and reduction within reach. We had to invent the software that merges finance and carbon accounting. We are proud to be part of this revolution." </blockquote>With this mobile solution, the company raised$ 600,000 in 2020. Investors include Cedric Hutchings, CEO of Outsight and co-founder of Withings, Damien Balsan, founder of Loop Pay and Mobeewave, Amélie Caudron, CEO of Invoxia, Geoffroy Roux de Bézieux, chairman and founder of Notus Technologies.

A new €3 million fundraising to deploy its solutions to SMEs

As it enters a new phase of scaling its SaaS carbon accounting solution for SMEs, Greenly announces that it has raised an additional $3 million from a group of prestigious technology investors, including Alexandre Prot, CEO and co-founder of Qonto, Bertrand Jelensperger, founder of LaFourchette and Thibault Lanthier, CEO of MonDocteur. The round of financing was also supported by the venture capital fund “French Partners” headed by Emilie Loyer Buttiaux and by the BPI.

This new funding should allow the start-up to accelerate the deployment of its B2B SaaS, and to further develop its technology to help SMEs launch – with greater ease – their climate strategy. At present, their solution is already used by a hundred scale-ups and unicorns in France, including Payfit, Swile, Konbini, Foodles, LeoCare, Foodchéri, Outsight and Alma.

In its deployment strategy, the company wants to target SMEs rather than large structures. It will use its funds to expand the technical and R&D teams, recruit more carbon footprint experts and build a sales team capable of expanding beyond France into Europe and the US.

To conclude, Alexandre Prot, investor at Greenly adds:

“It is now clear that carbon accounting will affect all types of businesses, even the smallest. Greenly is shaping this new standard, helping everyone to act on climate change. They need to evolve very quickly, as their work is necessary, if we are to effectively reduce global warming.”

Translated from Greenly lève 3 millions de dollars pour déployer sa solution de comptabilité carbone alimentée par l’IA

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Zacharie Tazrout