French carbon accounting startup Greenly raises €48M funding to accelerate adoption of emissions reporting

Paris-based Greenly, a carbon accounting startup, announced on Thursday that it has raised $52M (approximately €48M) in a Series B funding round led by Fidelity International Strategic Ventures. 

The Series B funding round also saw participation from new investors such as BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise, and HSBC. 

Existing partners like XAnge and Energy Impact Partners have also reaffirmed their support for Greenly. 

Notably, Brian Halligan, co-founder and chairperson of HubSpot, also participated in the round, bringing his extensive experience to further Greenly’s mission.

The announcement comes two years after the company raised €21.27M in a Series A funding round co-led by Energy Impact Partners (EIP) and the Germany and France-based investment funds Xange.

Fund utilisation

The funding will help Greenly expand its global reach and solidify its position as the go-to comprehensive Climate Suite, which allows companies to budget decarbonisation and reduce emissions in line with international frameworks like SBTi.

Alexis Normand, CEO and co-founder of Greenly, says, “This Series B will give us tremendous thrust to make it happen sooner. Greenly’s goal is to enable businesses to navigate more swiftly into a new era where long-term value is synonymous with sustainable growth. We’re here to simplify carbon management, making it a fundamental aspect of every organisation’s core practices. Our focus extends beyond regulatory compliance; we’re fostering a profound transformation toward sustainability within corporate cultures. Our technology is designed to be

both precise and user-friendly, inviting everyone to be part of this critical movement.”

Greenly: Making carbon accounting intuitive 

Founded in 2019 by Alexis Normand (CEO), Matthieu Vegreville (CTO), and Arnaud Delubac (CMO), Greenly makes carbon accounting intuitive and affordable for SMBs and mid-market companies. 

The platform enables companies to measure, monitor, reduce, and offset carbon footprint in line with international carbon accounting standards such as the GHG Protocol.

Greenly’s technology automates data collection and carbon analytics through integrations with over 100 enterprise software programs, including accounting, travel, cloud data, electricity vendors, etc.

The company’s Climate Academy provides certification programs for managers on general climate strategies, legal compliance, accounting methodologies, and sector-specific eco-design to enhance organisations’ in-house climate expertise.

Greenly also offers an integrated Life Cycle Assessment (LCA) Builder with free templates for product managers and eco-designers. 

The company’s Cloud solution helps IT departments reduce data centre emissions, while Sustainable Procurement ensures suppliers contribute to low-carbon roadmaps.

Greenly has around 2,000 customers globally, managing nearly 50 million tons of CO2, primarily for SMBs and mid-market companies. 

However, Greenly has partnered with larger corporations such as BNP Paribas, AXA, and L’Oreal to promote decarbonisation across their wider networks.

The investor

Fidelity International Strategic Ventures is a dedicated venture capital team within Fidelity International that is set up to invest in early-stage businesses and technologies.

Erik Mostenicky, Principal at Fidelity International Strategic Ventures, says, “We’re excited to support Greenly as they strive to make emissions management accessible to all. In a short space of time, the Greenly team has developed an impressive platform and range of services that extend beyond mere emissions compliance monitoring. Their offerings empower companies to manage their emissions, proactively engage with suppliers, and become part of a greener energy transition. Bolstered by strong regulatory tailwinds, Greenly is well-positioned to

lead the global shift towards comprehensive carbon and greenhouse gas emission management. Their efforts mark a significant step towards universal corporate sustainability, and we’re proud to be a part of this transformative journey.”