-CarbonChain raises $10M Series A to accelerate global decarbonization through carbon accounting
Creating carbon insights from source to shipping, CarbonChain’s verified methodology tracks 80% of global emissions to inform and drive companies’ supply chain decarbonization.
LONDON, April 25, 2023 /PRNewswire/ — CarbonChain, CarbonChain, an AI-powered carbon accounting platform that uses granular data to provide end-to-end visibility into a company’s supply chain carbon footprint, has announced today its $10 million Series A funding round, co-led by Union Square Ventures and Voyager Ventures. CarbonChain will use these funds to create new carbon accounting and reporting products, expand its customer base in the most carbon-intensive value chains (manufacturing, raw materials and heavy industry) and increase its team to meet growing demand.
Global merchandise trade exceeds $20 trillion a year, and the supply chains that fuel that trade are responsible for 60% of global emissions. Despite the global mandate to quantify and reduce carbon emissions to achieve the goal of net zero emissions by 2050, many organizations struggle to accurately measure and report their carbon footprint.
“CarbonChain helps climate-critical sectors take action by filling the data gap to track supply chain emissions with precision and granularity,” said Adam Hearne, CEO and Co-Founder of CarbonChain. “Our latest investment round kicks off a great year for CarbonChain – we are hiring 30 new employees and opening an office in New York to better support the North American market. We are excited to expand our customer base and help to bring the global economy closer to net zero.”
CarbonChain provides companies and financial institutions with accurate accounting of Scope 3 and supply chain emissions. The World Economic Forum estimates that Scope 3 emissions account for up to 90% of a company’s carbon footprint. CarbonChain incorporates data from the point of resource extraction, from raw materials, to the point of consumption to create a view of emissions throughout the entire supply chain. Thanks to its verified and validated methodology and its extensive database, which covers 80% of global emissions, CarbonChain enables carbon traceability, the carbon footprint of products and the identification of reduction opportunities in real time.
CarbonChain has brought tremendous value to companies with complex supply chains. By accurately quantifying the emissions intensity of globally traded commodities, CarbonChain offers clear value to traders, manufacturers and financiers who recognize the responsibilities inherent in emissions-intensive supply chains and see the business advantages of improve them. Significant US and European Union regulations will only accelerate the value that CarbonChain provides, while increasing demand from all major buyers and sellers of emissions-intensive goods and services.
“CarbonChain has a team of passionate and experienced engineers, data scientists and sales leaders dedicated to addressing the world’s largest sources of GHG emissions,” said Rebecca Kaden, General Partner at Union Square Ventures. “Its carbon accounting platform is becoming the go-to solution for leading companies in the commodity, metal fabrication, trade finance and logistics sectors. We are delighted to have co-led this round investment that allows CarbonChain to continue to expand its customer base through these critical supply chains.”
“Integrating GHG transparency into thyssenkrupp supply chains is critical,” said Jörg Heiles, CEO of Operating Unit Materials, thyssenkrupp Materials Services Eastern Europe. “By joining forces with vendors like mills and using CarbonChain’s leading technical solution, the industry can begin to build high-fidelity emissions transparency, so that decarbonisation decisions can be made at the supplier, product and company level. Commit to our suppliers will help us prepare our supply chains for carbon price reporting and regulation, develop meaningful climate targets, and support our ongoing political engagement.”
“The climate emergency is paramount to many of the Bank’s global trading commodities clients, helping them address these challenges is therefore one of our top priorities,” said Deia Markova, Head of Commodities and Trade Finance Sostenibles and Societe Generale Sustainability Ambassador in Switzerland. “In this sense, our partnership with CarbonChain further contributes to our clients’ decarbonization journey, in a very pragmatic and innovative way using technology, and to Societe Generale’s strong commitments to positive transformations of the world.”
“Enabling our clients to understand the emissions footprint of their transactions through CarbonChain’s reliable, robust and transparent methodologies has been a distinctive value-add for Macquarie’s Global Carbon business,” said David Schmidt, Senior Vice President, Group Macquarie’s Global Carbon, a division within the Global Commodities and Markets business. “It has allowed us to execute a number of landmark commodity transactions that offset carbon emissions.”
CarbonChain clients include thyssenkrupp Materials Services Eastern Europe, Societe Generale, Rabobank, Concord Resources, IXM and Gunvor, among others. For more information, visit www.carbonchain.com.
About CarbonChain CarbonChain empowers companies to make climate-friendly decisions to accelerate action towards a net-zero economy. Its AI-powered carbon accounting platform automates emissions tracking with accurate, granular, asset-level data for carbon-intensive supply chains, including metals, mining, and manufacturing. CarbonChain’s V0.94 methodology has been validated by SGS and verified by Bureau Veritas to provide manufacturers, commodity traders, financiers and shipping companies with unrivaled insight into carbon risks and opportunities almost in real time.
Founded in 2019, CarbonChain is a CPD accredited solutions provider, supporter of the Task Force on Climate Related Financial Disclosures (TCFD) and proud member of ResponsibleSteel. CarbonChain is supported by the UK government’s department for innovation (Innovate UK) and was part of the Y Combinator Summer 2020 cohort. Visit carbonchain.com for more information.
BAM Media contact on behalf of CarbonChaincarbonchain@bamtheagency.com
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