Carbon data provider Sylvera has raised $57m (£43.6m) in a Series B funding round led by Balderton Capital.
Founded in 2020, the London-based firm provides data to corporate clients to determine the effectiveness of carbon offsets. Sylvera said its goal is to incentivise investment into meaningful carbon offset measures and sustainability.
“There is a serious lack of data to demonstrate progress against net zero targets and to prove that carbon emissions are actually being reduced or removed from the atmosphere,” said Allister Furey.
“This uncertainty has created inaction–Sylvera is changing that. Our technology ensures funding is going to the projects, companies, and countries having maximum climate impact to get the world on track for net zero.”
Sylvera provides ratings of different climate action investments, including carbon credits, to support companies determining net zero strategies.
Furey added: “In time, this data will create much-needed financial incentives, such as higher share prices and cheaper borrowing, for organisations taking serious net zero action.”
The Balderton-led round also included participation from Fidelity Strategic Ventures, Bain & Company and 9Yards Capital, as well as existing investors Index Ventures, Insight Partners, Salesforce Ventures, Speedinvest, Seedcamp and LocalGlobe.
“There is an urgent need to provide the most accurate and transparent views on the multitude of carbon projects around the world in order for corporations, governments and markets to trust in the carbon credits they are buying and effectively scale their climate contributions and head towards net zero,” said Daniel Waterhouse, a partner at Balderton Capital.
“Sylvera has proven to be the market leader in this emerging field and we are excited to be joining them on the next phase of the journey and their work in accelerating the roll-out of data, tools and software in order to steer a path to reducing damaging climate change.”
The latest round follows a £24m Series A round raised by the company in January 2022.