Watershed

Watershed offers a SaaS-based carbon management solution for businesses. Watershed measures the carbon footprint of a business using raw data from existing business tools, benchmarks the footprint against the industry to identify high-emitting activities, develops carbon targets and budgets, and facilitates investor-grade Environmental, Social, and Governance (ESG) reporting.

In June 2023, the company launched Watershed Disclosures , a tool to produce climate disclosures to meet mandatory and voluntary reporting requirements. In September 2023, Watershed launched its Watershed Ecosystem , consisting of the Watershed Marketplace, a science advisory board, as well as partnerships with technology, data, and consulting firms. In April 2024 , the company launched Watershed for CSRD, a new software solution to collect, quantify, and manage over 1,100 data points to comply with the EU's new Corporate Sustainability Reporting Directive (CSRD).

Key customers and partnerships

In December 2022 , Watershed partnered with Novata, a public benefit ESG data management platform, and Workiva, a cloud-based ESG platform to offer ESG data solutions for climate disclosures. In April 2023, Watershed acquired VitalMetrics , an emissions accounting and data firm, to integrate VitalMetrics Comprehensive Environmental Data Archive (CEDA) into its platform, to scale up global coverage. Following this acquisition, in May 2023, Watershed collaborated with KPMG to support companies with climate-related reporting.

In September 2023, Watershed partnered with ISS to deliver the country-level carbon footprints and a customer reporting process. This partnership was followed by Watershed’s collaboration with ERM to integrate each other's services. During the same month, through the Watershed Ecosystem , the company also created technology partnerships with Arcadia, ecoinvent, and the Partnership for Carbon Accounting Financials (PCAF). In addition, the company established consulting partnerships with Environmental Resource Management, Accenture, and Business for Social Responsibility. Watershed’s customers include General Mills, Carlyle Group, BBVA, Paramount, Block, Everlane, YETI, Square, Stripe, Shopify, Walmart, Airbnb, BlackRock, Doordash among others. As of January 2024, Watershed’s customer base manages 479 million tons of CO2 emissions.

Funding and Financials

The company’s most recent funding was in February 2024, when it raised USD 100 million in a Series C funding round led by Greenoaks. Previously in February 2022, Watershed raised USD 70 million in a Series B funding round co-led by Sequoia and Kleiner Perkins. The funds will be utilized to develop new tools to measure the carbon footprint of businesses and to scale up Watershed’s team across the US and Europe.