Announcing our Series B Round and US Expansion
Right now, much of the world recognizes the importance of meeting net zero by 2050; but we’re nowhere near on track to meet the targets. Nearly all companies with net zero targets will fail to achieve their goals if they don’t at least double the pace of emissions reduction by 2030. It will take an estimated capital investment of $3.5 trillion annually over the next 30 years, from both the public and private sectors, into the technology and infrastructure required to deliver a zero-carbon economy.
Making net zero a reality and preventing severe climate change depends on both 80-90% reduction of CO2 emissions and removing about 10 Gigatonnes of CO2 from the atmosphere annually by 2050. For nearly all companies, credits for carbon removal are the only way to achieve the "net" in net zero. High-quality credits can also finance decarbonization outside companies' value chains as compensation for their emissions as they reduce them.
Currently, the pace of action and investment is nowhere near what’s needed. Complicating matters further, a lack of data has made it nearly impossible to measure and benchmark progress against net zero targets and the effectiveness of climate action investments.
We launched in the UK in 2020 to help companies meet net zero goals and invest in carbon markets with confidence. Since then we’ve made significant progress in bringing transparency to the carbon markets, showing buyers what to avoid and helping to deploy capital at scale towards genuinely effective projects. In the next phase of our journey, we will bring data and transparency to overall net zero action, creating incentives for the organizations taking action and having real climate impact.
Today, we’re announcing we’ve raised $57 million in Series B financing. This funding will scale our teams and product offerings and support our expansion into the US. It will also let us double down on our technology leadership to produce the most robust possible data to support investment in climate action. We are excited to welcome new investors Balderton Capital, Bain & Company, Fidelity Strategic Ventures, and 9Yards Capital, with participation from existing investors including Index Ventures, Insight Partners, Salesforce, 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. 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." – Daniel Waterhouse, Partner, Balderton Capital
Since last January’s Series A announcement, we’ve grown significantly, expanding our customer base sevenfold, forging partnerships with firms including S&P Global, and bringing on clients ranging from major financial services institutions to sovereign governments. As we’ve grown, it’s become increasingly apparent that there’s a serious lack of data to demonstrate progress against net zero targets, and to prove that carbon emissions are actually being reduced and past emissions removed. This uncertainty has rewarded inaction and imposes an economic penalty on those taking action. We are reversing that, creating an incentive for investment in genuine climate action.
By combining cutting-edge technology with leading carbon project evaluation methodologies, we provide robust data and ratings about climate action investments, including carbon credits, allowing both private sector and government to fill gaps in their net zero strategy and work towards societal net zero. As a result, we ensure funding is going to the projects, companies, and countries having maximum climate impact, in order to get the world on track for net zero. This data is the foundation for creation of effective and much-needed financial incentives, such as higher share prices and cheaper borrowing, for organizations taking serious action.
"Voluntary carbon markets have an important role to play in progressing our transition to a net zero economy, and we want the UK to be a leader for innovation in this industry, which means inward investment is crucial. With the significant sums being raised in investment, homegrown companies like Sylvera are helping to achieve this." – UK Minister for Investment Lord Johnson
The new funding will enable us to further develop our platform and include new data and information about carbon credits and net zero activity, to provide a more holistic picture of organizations’ progress against their targets. It will also support our efforts to scale our technical capabilities and grow our engineering and product teams. Recently, we added a Chief Technical Officer to our leadership team, Serge Kruppa, who led engineering teams at Checkout.com and Twilio, and will be instrumental in our next phase of growth.
In addition, we’re expanding into the US with a local office in New York. Having a presence in a global hub for financial services will help Sylvera embed into the center of the industry as we develop new infrastructure for a new type of financial market to emerge. In the US, we’re aiming to double our local team by year-end.
"We are excited to invest in Sylvera and contribute to the next stage of their growth by exploring asset management use cases. The company's trusted and unbiased data solves a critical need for asset managers by helping them to better evaluate net zero plans of investee companies across the globe. Sylvera's unique data platform also enables the creation of new sustainable investment products and educates investors about the quality of carbon offsets. The institutionalization of carbon markets is necessary to help corporates and investors achieve their net zero targets and we believe Sylvera will be a key driver in facilitating this." –Erik Mostenicky, Principal at Fidelity International Strategic Ventures
We’ve got plenty of work ahead of us and we’re excited for what’s next! We are looking for commercial, policy, product and engineering talent - consider joining our team to help us build the platform needed to incentivize investment in real climate impact!
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