Title: Plan A Raises $27 Million in Series A Funding to Support Carbon Accounting and ESG Reporting Platform
Introduction:
Plan A, a Berlin-based startup focused on carbon accounting and ESG (environmental, social, and governance) reporting for corporations, has successfully raised $27 million in a recent Series A funding round. The funding was led by partners at Lightspeed Venture, a US venture capital giant. This investment comes as an extension of a previously announced $10 million Series A funding round, bringing the total raised by Plan A to $42 million over its six-year history. Notably, this round also attracted participation from major players in the business world, including Visa, Deutsche Bank, and Opera Tech Ventures, the venture capital arm of BNP Paribas, among others.
Background:
Founded in 2017, Plan A aims to assist companies in measuring and reducing their carbon footprint. Despite the best intentions, many organizations struggle with reducing carbon emissions due to the complexity of identifying the exact sources and locations within their supply chain. A survey by Boston Consulting Group found that 90% of organizations did not fully measure their greenhouse gas emissions, with scope 3 emissions being a major hurdle. Scope 3 emissions refer to emissions throughout the entire supply chain of a company, involving partner organizations. As these emissions contribute significantly to a company’s carbon footprint, it is crucial for organizations to address them.
Plan A’s Solution:
To address these challenges, Plan A has developed a SaaS-based platform that enables companies to manage their net-zero efforts effectively. The platform includes data collection, emission calculations, target setting, and decarbonization planning. It maps emissions data across Scopes 1, 2, and 3, aligning them with global scientific standards and methodologies such as the Greenhouse Gas Protocol and the Science-Based Targets Initiative.
Benefits of the Plan A Platform:
Plan A’s platform offers several benefits for companies striving to reduce their carbon emissions:
1. Comprehensive Emission Tracking: The platform enables companies to track emissions across their entire supply chain, including partner organizations, to accurately measure their carbon footprint.
2. Setting Science-Based Targets: By aligning emission reduction goals with global scientific standards, companies can establish targets that are in line with the requirements for limiting global warming to well below 2 degrees Celsius.
3. Integration with Existing Tools: Plan A’s platform allows for seamless integration with various applications, such as business travel software and business intelligence tools. This integration enables companies to collect emissions data from multiple sources and gain comprehensive insights into their carbon footprint.
4. Compliance and Reporting: The platform helps companies meet regulatory requirements and report their emissions accurately. This capability is becoming increasingly crucial as governments and stakeholders demand transparency regarding organizations’ environmental impact.
Expansion Plans and Impact:
With the new funding, Plan A plans to expand its market penetration in Europe by doubling its workforce. The focus will be on France, the United Kingdom, and Scandinavia. By enhancing the capabilities of its platform and increasing its presence in key markets, Plan A aims to further support companies in their net-zero initiatives, driving the transition to a sustainable future.
Additional Piece: The Importance of ESG Reporting and Carbon Accounting for Sustainability
ESG Reporting and carbon accounting have gained significant importance in recent years as organizations recognize the value of environmental, social, and governance practices for long-term sustainability. Here are some key insights into the significance of ESG and carbon accounting:
1. Addressing the Climate Crisis:
The urgency of the climate crisis requires businesses to take proactive measures in reducing carbon emissions. ESG reporting and carbon accounting provide companies with the tools and frameworks needed to track, measure, and reduce their environmental impact effectively.
2. Meeting Stakeholder Expectations:
Investors, customers, and regulators increasingly expect companies to be transparent about their ESG performance and commitment to sustainability. By implementing robust carbon accounting systems and reporting on ESG metrics, organizations can demonstrate their accountability and gain trust from stakeholders.
3. Enhancing Financial Performance:
Studies have shown that companies with strong ESG performance tend to outperform their peers financially. Efficient carbon accounting and emission reduction strategies not only help organizations mitigate risks associated with climate change but also drive operational efficiencies and cost savings.
4. Regulatory Compliance:
Governments worldwide are strengthening regulations to enforce climate action and minimize environmental impact. ESG reporting and carbon accounting enable organizations to comply with these regulations, avoiding potential penalties and reputational damage.
5. Investor Preference:
ESG considerations have become a crucial factor for investors when making investment decisions. Companies that can showcase their commitment to sustainability and transparent ESG practices are more likely to attract investment and gain a competitive advantage.
Conclusion:
Plan A’s successful funding round highlights the growing demand for effective carbon accounting and ESG reporting solutions in the corporate world. As organizations strive to reduce their carbon footprint and align with global sustainability targets, platforms like Plan A play a vital role in providing the necessary tools and analytics. Through accurate carbon accounting and comprehensive ESG reporting, companies can drive positive environmental change, enhance their reputation, and contribute to a more sustainable future.
—————————————————-
| Article | Link |
|---|---|
| UK Artful Impressions | Premiere Etsy Store |
| Sponsored Content | View |
| 90’s Rock Band Review | View |
| Ted Lasso’s MacBook Guide | View |
| Nature’s Secret to More Energy | View |
| Ancient Recipe for Weight Loss | View |
| MacBook Air i3 vs i5 | View |
| You Need a VPN in 2023 – Liberty Shield | View |
Plan Acarbon accounting and ESG (environmental, social and governance) reporting platform for corporations, has raised $27 million in a Series A funding round led by partners at US venture capital giant Lightspeed Venture.
Technically, financing is an extension of a $10 million Series A round announced it almost two years ago, which means that, for all intents and purposes, this is the closing of a $37 million Series A round, bringing the total raised to $42 million over its six-year history . But perhaps most notably, its latest round also includes participation from some big names in the business world, including Visa, Deutsche Bank and Opera Tech Ventures, the venture capital arm of BNP Paribas, among many other angel investors.
“The urgency of the climate crisis, combined with the complexity of navigating the path to net zero emissions for companies, made it imperative for us to bring on board top-tier investors now.” Lubomila Jordanovaexplained the founder and CEO of Plan A to TechCrunch.
exploring
Founded in Berlin in 2017, Plan A (a reference to ‘no plan B’ climate action mantra) is one of numerous venture capital-backed startups emerging from Europe with the express goal of helping companies measure (and reduce) their carbon footprint. The perennial problem, it seems, is that even with the best will in the world, reducing carbon emissions can be difficult unless a company makes a real effort to figure out exactly that its emissions are, and where They are in the supply chain.
A survey last year by Boston Consulting Group (BCG) found that 90% of organizations did not measure their greenhouse gas emissions “completely.” As usual, the so-called “scope 3 emissions”were identified as a major obstacle, whereby a company fails to address emissions throughout its supply chain involving partner companies. While it is true that Scope 3 is more difficult to measure compared to Scope 1 (which refers to emissions directly under a company’s control), there is increasing pressure for organizations to address emissions across their entire network. .
This is important for several reasons, but mainly because the carbon footprint of many companies is largely made up of scope 3 emissions. For example, a Coca-Cola bottling partner, Coca-Cola European Partners (CCEP), has previously estimated that 93% of its emissions were scope 3.
Furthermore, rather than decreasing, global energy-related Co2 emissions continue to increase, growing 0.9 percent in 2022.
“Given that the climate crisis is largely defined by the growth of emissions, one of the most pressing challenges – and the only economically viable option – is to rapidly flatten the emissions curve, especially for companies,” Jordanova said.
Therefore, Plan A has developed a SaaS-based sustainability platform that allows companies to self-manage their net zero efforts; This includes collecting data, calculating emissions, setting targets and planning for decarbonisation. Fundamentally, it includes mapping emissions data across Scopes 1, 2 and 3, and aligning them with global scientific standards and methodologies, including Greenhouse Gas Protocol and the Science-Based Targets Initiative (SBTi).
While Plan A’s core product is a web application, customers (including BMW, Deutsche Bank, KFC and Visa) can also connect directly to Plan A via API, which is useful for integrating business and customer data. emissions from countless applications such as business travel software and business intelligence (BI) tools.
Plan A: Sustainability Platform Emissions Dashboard Image credit: Plan A
Today, Plan A has 120 employees in Berlin, Paris and London, and with its new cash injection, Jordanova said it plans to “double down” with a host of new hires.
“The funding now heralds our next phase of growth,” he said. “With the fresh capital, we will double our headcount to expand our market penetration in Europe with a strong focus on France, the United Kingdom and Scandinavia, as well as deepen the capabilities of our platform.”
Climate emergency
While the funding landscape is somewhat dry these days beyond a swathe of early-stage rounds, climate tech startups appear to have fared relatively well, though overall financing in space it is still less than last year. The data suggests this is largely due to a decline in later-stage funding from Series B onwards, with early-stage trends looking a little better.
However, ESG data startups in particular appear to be in high demand. Climate data startup Persefoni was announced last month $50 million in new financingwhich follows two other European rivals, Sweep and Greenly, which raised $73 million and 23 million dollars respectively, although last year. Elsewhere, ESG data management startup Novisto secured $20 million in Series B funding. a few months ago.
While funding in the startup space has decreased, it still appears that investors still see climate technology further favorably compared to many other sectors, with the overall share of venture capital dollars growing from 10% to 13% last year, according to Dealroom data. And this, according to Jordanova, is due to several factors. While other industries have suffered due to macroeconomic factors and shifting investor preferences, climate tech is (relatively) thriving due in large part to the severity of the accelerating climate emergency, which is prompting increased regulation and pressure on companies to change course before it arrives. Too late.
“European governments have implemented policies and regulations that favor clean technology, offering incentives and subsidies to attract investors,” Jordanova said. “Large corporations are also making sustainability commitments, driving investments in new companies that align with their goals.”
Lightspeed London Partner Julie Kainz He said climate “will likely be one of the most attractive investment themes” in the coming decades. “Solving the climate challenge has firmly advanced the strategic agenda of governments, corporations and the general public; and we firmly believe that consumer pressure will continue to increase,” Kainz told TechCrunch via email.
European carbon accounting startup Plan A raises $27M from VC and corporate heavyweights
—————————————————-