Global carbon ratings agency BeZero Carbon has raised £26 million in Series C investment.
The fundraise cements the role of independent, risk-based, project-level ratings as a measure of quality for carbon markets. BeZero has customers in over 30 countries across six continents, with ratings available on more than 40 platforms including Bloomberg.
The BeZero Carbon Markets platform, which enables users to access ratings, data, and scientific analysis for over 480 carbon credit projects, has more than 100 corporate subscribers globally, including UBS, Sumitomo, Emirates NDB, Equinor, Woodside Energy, and ERM.
The round is led by Temasek-founded GenZero, a decarbonisation-focused global investment firm headquartered in Singapore, with additional investment from the Japan Airlines and Translink Innovation Fund.
Existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund also committed fresh capital.
Beyond major corporations, an increasing number of countries, international organisations, such as the European Union and United Nations, and industry initiatives, such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), are looking to carbon markets to reach net zero.
London-based BeZero will invest the new funds into expanding its ratings coverage for these markets, which together will help channel finance into the climate projects necessary for a sustainable future.
The firm has subsidiaries in global financial hubs New York and Singapore.
Tommy Ricketts, CEO and co-founder, said: “Securing a Series C in the current climate is a huge vote of confidence in our brilliant team and independent carbon ratings. We wouldn’t be where we are today without the support of our fantastic customers who now more than ever rely on our ratings.
“The funds will allow us to sustain our pace of innovation and expand our ratings coverage to compliance carbon markets, such as Article 6 and CORSIA, and the voluntary carbon market.”
BeZero’s co-founder and chief innovation officer, Sebastien Cross, has relocated to Singapore for the coming months.
Cross added: “We are immensely grateful to our investors, clients, and partners who have joined us on our journey to date. Our ratings are quickly becoming a key part of global carbon market infrastructure and their use continues to grow as market participants seek solutions to bolster integrity.
“I’m extremely proud of the role they are playing in shaping the market as it matures. Singapore is a world leader in innovating and nurturing carbon markets. I’m excited to be based here over the next few months to cement our presence here and in the broader region.”
Minister for Investment Baroness Gustafsson OBE said: “This investment is a huge vote of confidence in the UK’s innovative green tech industries, and is exactly the kind we want to see as we grow the economy and transition to net zero.”