Greenly aims to help SMEs track and reduce their carbon emissions, raises $22M

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A growing coalition of countries, businesses and organizations is setting bold carbon and greenhouse gas emissions targets, which promise to reach net zero by 2050. However, tracking emissions is notoriously difficult because reporting criteria are without standards and largely voluntary.

According to a recent Google Cloud study, while environmental, social and governance (ESG) initiatives were a top priority for 64% of executives surveyed, 58% said their organization was guilty of green washing, or misrepresented their company’s products or practices. They are more environmentally friendly than they really are.

Although many leaders claim that they want to advance their organization’s sustainability efforts, there is a gap between how well they are performing on the decarbonization front and how accurately they are able to measure their performance.

The business of tracking carbon emissions

With the crucial turning point of the climate crisis approaching, it is no surprise that there is a booming market for companies like Greenley that help small and medium enterprises (SMEs) calculate, reduce and offset their emissions. Recently selected in the FrenchTech Green 20, Greenley says its main objective is to give businesses control over their carbon data and create action plans that enable them to meet their climate goals quickly and easily.

Founded in 2019 by Alexis Normand, Matthew Wegreville and Arnold Deleubek, Greenley is also entering a new phase of scaling, with શ્રેણી 22 million in Category A funding, co-led by Energy Impact Partners (EIP) and German and France-based investments. . Fund Xange.

With more than 400 corporate clients, France-based Greenley recently opened offices in the US to deploy its software-a-service (SaaS) carbon management software to American SMEs. Unlike other climate management tools such as Persephone, Watershed and Sweep, Greenley claims to target SMEs in particular because they represent 80% of global emissions.

Automated carbon accounting

At the heart of the company’s vision, Greenley claims that carbon accounting will one day become ubiquitous, for example, at the same level as financial accounting.

Greenley’s technology is designed to automate data collection analysis by integrating it with the accounting or billing data of more than 100 different software solutions. This integration makes it possible to calculate three emission spaces in real time. And thanks to an extensive library of over 100,000 emissions factors, Greenley software is designed to convert these activities into emissions measurements and generate carbon reports in accordance with international standards, such as the GHG (greenhouse gas) protocol.

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