Sylvera has raised £44 million to scale its carbon intelligence platform in the United States.
The London firm’s Series B financing follows a sevenfold increase in its customer base since it raised Series A investment in January 2022.
It has also forged partnerships with firms including S&P Global and brought on clients ranging from major financial services institutions to sovereign governments, according to CEO and co-founder Dr Allister Furey.
A carbon offset ratings provider, its mission is to become a source of truth for carbon markets. The demand for carbon credits is growing exponentially and is expected to be worth $100 billion by 2030.
Many companies rely on carbon credits to offset emissions that they are unable to eliminate in the short to medium term; however the carbon credit market has been rife with controversy, and many people do not trust the accuracy of the claims surrounding carbon offset projects. Sylvera has set out to solve this problem.
Its independent, in-depth and up-to-date assessments of carbon projects leverage proprietary data and machine learning technology, delivering market intelligence through an online platform. It does not sell carbon offsets, ensuring that Sylvera’s ratings are free from conflicts of interest that have hindered the development of the market to date.
New investors Balderton Capital, Bain & Company, Fidelity Strategic Ventures and 9Yards Capital joined the round, with participation from existing investors including Index Ventures, Insight Partners, Salesforce, Speedinvest, Seedcamp and LocalGlobe.
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“This funding will scale our teams and product offerings and support our expansion into the US,” said Dr Furey. “It will also let us double down on our technology leadership to produce the most robust possible data to support investment in climate action.”
Daniel Waterhouse, partner at Balderton Capital, added: “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.
“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.”