Patch

Patch offers an application programming interface (API)-based solution for businesses to calculate and offset their carbon footprint. Patch’s API solution can be readily integrated with a business’s existing digital systems to calculate the carbon footprint of both internal and customer-facing operations. Businesses can then offset their carbon footprint through financing verified carbon reduction projects available on the platform.

Key customers and partnerships

In October 2023, Patch partnered with Puro.earth to integrate the Puro Connect API and allow Puro.earth suppliers to access the Patch marketplace and utilize Patch’s CarbonOS system. In November 2023, the company partnered with Drax , a renewable energy generation company, to provide carbon credits for the latter’s customers. Other partners include Ascenda, Persefoni, Doconomy , Afterpay, FARFETCH Platform Solutions, EasyPost , MUGO BeZero and Searoutes . As of February 2024, Patch had around 200+ customers using its service. Patch had also partnered with 75+ carbon removal suppliers, including leading carbon capture, utilization, and storage (CCUS) companies like Climeworks and CarbonCure.

Funding and Financials

Patch’s most recent funding round was in September 2022, when it raised USD 55 million in a Series B funding round led by Energize Ventures. Previously, in September 2021, Patch raised USD 20.75 million in a Series A funding round led by Coatue Management to expand offsetting operations to one-gigaton scale.