Sequoia is a venture capital focused on energy, financial, enterprise, healthcare, internet, and mobile startups. The firm helps a small number of daring founders build legendary companies. It spurs them to push the boundaries of what’s possible. The firm seeks to invest in all sectors with a focus on energy, financials and financial services, healthcare and healthcare services, Internet, mobile, outsourcing, and technology.

Sequoia Capital

Kleiner Perkins is a venture capital firm specializing in investing in early-stage, growth, and incubation companies. The firm continues that legacy, investing in founders with bold ideas that span industries and continents, partnering with them from inception to IPO and beyond to maximize the potential of their ideas. They also focus on early computer firms using their devices and programming and service companies. It also invests in the digital, life sciences, and healthcare industries.

Kleiner Perkins

Watershed

Watershed is the enterprise climate platform. Leading companies like BlackRock, Airbnb, Stripe, Klarna, and Block use our software to run end-to-end climate programs with quantifiable results. Watershed delivers granular, audit-grade carbon measurement; one-click disclosure and reporting; and real emissions reduction—all in a single, intuitive, enterprise-grade software platform. Watershed customers have access to our exclusive marketplace of scientifically vetted, high-additionality carbon removal projects and high-quality offsets; in-house climate and policy expertise; and ongoing support throughout their climate journey.

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 <a href="https://sp-edge.com/updates/19204">Watershed Disclosures</a>, a tool to produce climate disclosures to meet mandatory and voluntary reporting requirements. In September 2023, Watershed launched its <a href="https://sp-edge.com/updates/21936">Watershed Ecosystem</a>, consisting of the Watershed Marketplace, a science advisory board, as well as partnerships with technology, data, and consulting firms.

New technology allows individuals and organizations to become carbon intelligent

Carbon Management Software

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 <a href="https://sp-edge.com/updates/19204">Watershed Disclosures</a>, a tool to produce climate disclosures to meet mandatory and voluntary reporting requirements. In September 2023, Watershed launched its <a href="https://sp-edge.com/updates/21936">Watershed Ecosystem</a>, consisting of the Watershed Marketplace, a science advisory board, as well as partnerships with technology, data, and consulting firms. Key customers and partnershipsIn <a href="https://sp-edge.com/updates/15393">December 2022</a>, 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 <a href="https://sp-edge.com/updates/17636">acquired VitalMetrics</a>, 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 <a href="https://sp-edge.com/updates/22328">ISS</a> to deliver the country-level carbon footprints and a customer reporting process. This partnership was followed by Watershed’s collaboration with <a href="https://sp-edge.com/updates/22041">ERM</a> to integrate each other's services. During the same month, through the <a href="https://sp-edge.com/updates/21936">Watershed Ecosystem</a>, 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. Funding and FinancialsIn February 2022, Watershed raised USD 70 million in a <a href="https://sp-edge.com/updates/8396">Series B funding round</a> 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. As of March 2021, Watershed identifies nine customers, including Square, Shopify, and Stripe.

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 Circular IQ is a Netherlands-based digital platform that offers SaaS-based solutions for businesses to assess their circular performance through smart data-gathering and analytics. Circular IQ collects and analyzes supplier-specific data and provides tailor-made reports for businesses about the circularity of their operations.&nbsp;
 
 
 Circular IQ offers three main services 1) Circular Procurement Program, a service that monitors and reports the circular performance of a business&rsquo;s existing supply chain, 2) Product Circularity Improvement Program, a service in collaboration with KPMG to identify areas where the circularity of an existing supply chain can be improved, and 3) Circular Transition Indicators (CTI) Program, a service that supports and guides businesses through circular transition. The monthly subscription for CircularIQ&rsquo;s services is EUR 5,000 (USD 5,960).&nbsp;
 
 
 In June 2023, Circular IQ reported more than 2,000 CTI customer accounts. 
 KPMG, Whirlpool, Saudi Aramco, Aptar, Rabobank, and Royal DSM are some of Circular IQ&rsquo;s high-profile clients.
 
</div>

Circular IQ

<div>
 
 Cloverly offers an application programming interface (API)-based business-to-business carbon offset solution that can be integrated into existing e-commerce, rideshare, aviation, fintech, enterprise resource planning, and shipping platforms. Cloverly offsets emissions on a per-transaction basis, which gives businesses the option of transferring the cost of offsetting to customers. For instance, a business using Cloverly can ask the customer to pay slightly extra to offset the carbon footprint of that particular transaction at checkout.&nbsp;
 
 
 Cloverly determines the amount of carbon emitted by a transaction based on data such as package weights and transportation destinations and matches it with carbon offset projects located as closely as possible to the location and the source of the initial carbon-producing activity. After which, Cloverly purchases verified carbon offsets or Renewable Energy Credits (RECs) from the matched carbon offset projects in the amounts needed to cover the carbon footprint of the transaction. As of March 2021, Cloverly charges a service fee of USD 0.25 per transaction.
 
 
 As of March 2021, Cloverly&rsquo;s main focus has been e-commerce by allowing merchants to add Cloverly to their Shopify, BigCommerce, and Magneto stores. The online gift card company, Instagift, also allows its customers to offset emissions through Cloverly.&nbsp;As of February 2020, Cloverly had facilitated 150,000 transactions offsetting nearly 11 million pounds of carbon. In November 2021, Clovery partnered with Diversifi to launch a service that offsets the crypto-carbon footprint.&nbsp;In May 2022, Cloverly also partnered with 
 <a href="https://sp-edge.com/updates/11507">
 BeZero Carbon
 </a>
 to obtain third-party ratings and independent quality assessments and 
 <a href="https://sp-edge.com/updates/11506">
 Redwood Logistics
 </a>
 to measure freight emissions and offset those via carbon credits in July 2022.&nbsp;
 
 
 
 
 Cloverly&rsquo;s most recent funding was in May 2023, when it raised USD 19 million in a 
 <a href="https://sp-edge.com/updates/18533">
 Series A funding
 </a>
 round led by Grotech Ventures. 
 In July 2021, Cloverly raised USD 2.1 million in a seed funding round led by TechSquare Ventures. As a part of the transaction, Cloverly was also spun out from Southern Company, an American gas and electric utility where it was incubated.
 
</div>

Cloverly

<div>
 
 UK-based Giki offers two mobile apps to reduce the personal carbon footprint of its users:  
 
 
 Giki Badges is an app that allows users to find sustainable and healthy products in supermarkets through 15 unique badges to UK supermarket products based on sustainability, health, and fairness. Customers can scan the product barcode to find the badges that are being awarded to the product. As of March 2021, Giki Badges reported awarding badges to over 280,000 supermarket products.
 
 
 Giki Zero is an app that allows users to calculate and reduce the personal carbon footprint. Giki Zero estimates the personal carbon footprint of a user based on a lifestyle survey (a set of detailed questions about the user’s lifestyle) and provides customized advice to reduce the user’s carbon footprint. Giki Zero Pro is an extension of the same product for businesses which allows employees to monitor and reduce their carbon footprint. 
 
 
 In April 2018, the software company Simpleweb invested an undisclosed amount in Giki in what is the company’s only funding round.
 
</div>

Giki

<div>
 
 Canada-based Metrio primarily offers SaaS-based Environmental, Social and Governance (ESG) reporting solutions for businesses. Metrio allows companies to monitor their ESG performance in real-time using dashboard tools to create customized reports based on any standard ESG framework. In addition to ESG reporting, Metrio also offers ESG industry benchmarking, supply chain ESG monitoring, and ESG investment management services. 
 
 
 As of June 2021, Metrio reported over 5,000 clients including 75 multinational companies such as Target, Air Canada, Decathlon, and Aldo.
 
</div>

Metrio

<div>
 
 Proof of Impact (POI) is an Impact-as-a-Service (IaaS) company based in the Netherlands. POI offers a range of SaaS-based digital tools for businesses and investors to collect, verify, and analyze real-time sustainability data from community assessments, Internet of Things devices, and corporate disclosures. The company also verifies and secures them using blockchain technology and presents them in a quantifiable form for sustainable decision making. 
 
 
 POI’s services include: 1) Digital consultancy–digital assessments to create and deploy a company’s sustainability strategy, 2) Impact dashboard–an end-to-end solution to collect, verify, analyze, and report sustainability data, and 3) Impact Catalyst Cloud–cloud-based tools and application programming interface (API) solutions for tracking, verifying, and investing in sustainability projects. 
 
 
 POI also operates a marketplace for sustainability projects where investors may directly select, and fund verified sustainable projects. 
 
 
 POI’s most recent funding was in August 2022, when it raised USD 6 million in a 
 <a href="https://sp-edge.com/updates/12037">
 pre-series A funding
 </a>
 round led by Rakuten Capital. Previously in 
 December 2021, when it raised USD 2.3 million in a seed funding round led by Altera Investments. 
 
</div>

Proof of Impact

Solutions used improve carbon tracking transparency across internal and external business operations

Provides tools to monitor and offset CO2 emissions using reforestation, renewable energy credits, etc

Some carbon trading marketplaces are blockchain based (e.g., Nori)

Some carbon tracking companies use AI to measure and report CO2 emissions (e.g., Persefoni)

Pure-play software solutions that measure, monitor, analyze, and report carbon footprints of internal business operations including ESG management and reporting software. Excludes supply chain and other Scope 3 carbon intelligence solutions.

Watershed

EDGE Insights

Next-gen climate and energy (Q3 2023): Innovation and commercialization intensify as funding recovers

Next-gen climate and energy (Q2 2023): Fusion and climate risk analytics promises

Carbon Management Software (Q1 2023): SEC ruling delayed; funding rebounds amid slowdown in activity

Carbon Management Software Q1 2022 update: first signs of cooling down?

Recent Updates

Watershed launches expanded ecosystem for climate action

Watershed partners with ERM to integrate services

Watershed provides carbon data measurement tools to ISS

Watershed to expand partnership with Lowercarbon Capital

Watershed launches Watershed Disclosures to streamline climate reporting

Watershed partners with KPMG for climate-related reporting

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