Greenly

Greenly is a French carbon management startup particularly focused on SME customers. The company provides automated carbon accounting, AI-powered analytics, and a recommendation engine to reduce CO2 emissions. Greenly’s API uses businesses’ reporting process to get more granular data, which is then used to generate a carbon report according to the Greenhouse Gas Protocol standards. In October 2023, Greenly launched its Climate Rating System that assesses company performance in areas such as greenhouse gas emissions, climate strategy, and environmental initiatives to generate a Climate Score.

Key customers and partnerships

The company has integrated its mobile application for tracking carbon footprint in banking transactions into banks such as BNP Paribas, Tink, and Pixipay. In March 2023, Greenly partnered with MetricStream to include carbon accounting in the latter’s ESG disclosure reports. In October 2023, the company joined with Carbonfuture to provide durable carbon removal credits to its customers. On the heels of this partnership, Greenly became a Xero App Partner to integrate carbon accounting for Xero subscribers. As of February 2024, Greenly products were used by over 1500 companies, and the company had tracked more than 28 million tons of CO2 emissions.

Funding and financials

The company’s most recent funding was in March 2024, when it raised EUR 48 million (USD 52 million) in a Series B funding round led by Fidelity International Strategic Ventures. In April 2022, the company raised EUR 21.27 million (~USD 23 million) in a Series A round co-led by Energy Impact Partners and XAnge investment fund to scale operations and teams across the US and Europe.

In September 2021, Greenly raised EUR 2.53 million (~USD 3 million) in a funding round led by French Partners VC fund, BPI (French Tech Investment arm), Alexandre Prot, Bertrand Jelensperger, and Thibault Lanthier. The funds were used for the development of its B2B SaaS software.