European carbon accounting and ESG reporting platform, Plan A, has successfully secured $27 million in a Series A funding round. The round was led by Lightspeed Venture Partners, with participation from major corporate players including Visa, Deutsche Bank, and BNP Paribas’ VC arm, Opera Tech Ventures. The additional funds bring Plan A’s total raised to $42 million, solidifying its position as a leader in the carbon accounting space.
Key Takeaway
Plan A, a leading European carbon accounting startup, has raised $27 million in a Series A funding round, bringing its total raised to $42 million. The company’s SaaS-based platform allows businesses to measure, manage, and reduce their carbon footprint, particularly focusing on scope 3 emissions. With the funding, Plan A plans to expand its market presence and enhance its platform capabilities to support its customers in their net-zero journeys.
Addressing the Climate Crisis and Corporate Emissions
The urgency of the climate crisis necessitates businesses to take immediate action in measuring and reducing their carbon footprint. However, this can be challenging without comprehensive data on emissions, particularly those within the supply chain. According to a survey by Boston Consulting Group, 90% of organizations do not measure their greenhouse gas emissions comprehensively, with scope 3 emissions being a notable obstacle.
Scope 3 emissions refer to emissions within a company’s supply chain and are often difficult to measure accurately. Yet, they represent a significant portion of many businesses’ carbon footprint. For example, a Coca-Cola bottling partner estimated that 93% of its emissions were scope 3 emissions. It is crucial for organizations to address these emissions in order to make substantial progress in reducing their overall carbon footprint.
SaaS-Based Solution for Net-Zero Efforts
Plan A has developed a software-as-a-service (SaaS) platform that enables companies to self-manage their net-zero efforts. The platform offers features such as data collection, emissions calculation, target setting, and decarbonization planning. Furthermore, it provides mapping of emissions data in accordance with global scientific standards, including the Greenhouse Gas Protocol and the Science Based Targets Initiative.
Plan A’s platform is not limited to a web app. Customers, which include prominent companies such as BMW, Deutsche Bank, KFC, and Visa, can integrate their business and emissions data from various applications via an API. This allows for seamless integration with tools such as business travel software and business intelligence platforms, enhancing the overall sustainability strategy of these businesses.
Expanding Market Presence and Driving Innovation
With the recent funding round, Plan A plans to accelerate its growth by hiring new talent, doubling its current headcount of 120 employees across Berlin, Paris, and London. The company aims to deepen its market penetration in Europe, with a strong focus on France, the U.K., and Scandinavia. Additionally, Plan A will enhance its platform capabilities to provide even more comprehensive and effective solutions for its customers.
