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Plan A: EU Carbon Accounting Startup Raise $27M in Funding

The carbon accounting and ESG (environmental, social, and governance) reporting platform for corporations, Plan A, has successfully secured $27 million in a Series A funding round led by the prominent U.S. VC giant Lightspeed Venture Partners, as reported by Cyprus Business Group Newsechnically considered an extension of the previously announced $10 million Series A round almost two years ago, this funding marks the culmination of a $37 million Series A round, bringing the total raised by Plan A to $42 million over its six-year history. Notably, major corporate players such as Visa, Deutsche Bank, and BNP Paribas’ VC arm Opera Tech Ventures, along with numerous angel investors, joined this latest funding round.

Lubomila Jordanova, Plan A’s founder and CEO, emphasized the urgency of addressing the climate crisis and the need for top-tier investors to navigate businesses’ net-zero journeys. Jordanova stated to TechCrunch, “The urgency of the climate crisis, combined with the complexity of navigating net-zero journeys for businesses, made it imperative for us to bring onboard top-tier investors now.”

Founded in Berlin in 2017, Plan A operates with the mission of assisting companies in measuring and reducing their carbon footprint. Despite the willingness of organizations, cutting carbon emissions can be challenging without a comprehensive understanding of emissions and their supply chain implications. A survey by Boston Consulting Group revealed that 90% of organizations did not measure their greenhouse gas emissions comprehensively, with “scope 3 emissions” identified as a major challenge, involving emissions throughout the supply chain.

Plan A has developed a SaaS-based sustainability platform, utilizing a web app as its core product. This platform allows companies to self-manage their net-zero efforts by collecting data, calculating emissions, setting targets, and planning for decarbonization. It emphasizes mapping emissions data across all three scopes (1, 2, and 3) and aligning them with global scientific standards such as the Greenhouse Gas Protocol and the Science Based Targets Initiative.

Notable customers, including BMW, Deutsche Bank, KFC, and Visa, can integrate business and emissions data directly into Plan A via API, connecting various applications like business travel software and business intelligence tools.

With the fresh $27 million funding injection, Plan A plans to double its current employee count of 120 across Berlin, Paris, and London. The focus will be on market penetration in Europe, with an emphasis on France, the U.K., and Scandinavia, along with deepening the platform’s capabilities.

Despite a relatively arid funding landscape, climate-tech startups like Plan A seem to fare well, with ESG data startups particularly in demand. The climate tech sector is perceived favorably by investors, experiencing a growth in its share of VC dollars from 10% to 13% in the past year, according to Dealroom data. Investors attribute this positive trend to the severity of the accelerating climate emergency, leading to increased regulation and pressure on enterprises to address sustainability concerns.

Julie Kainz, Lightspeed’s London partner, noted that climate tech is likely to be one of the most attractive investment themes in the coming decades. Kainz highlighted that solving the climate challenge has become a strategic priority for governments, corporations, and the general public, with consumer pressure expected to continue rising.

by Paul Britton

Full-time CBG author covering everything from business to wellbeing news, in Cyprus. and abroad.

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