Climate accounting platform Persefoni raises $101M Series B led by Prelude and TPG – TechCrunch


There’s nothing like an growing stage of laws to create areas for brand new startups to seem, particularly in SaaS. Asset managers, banks and different monetary establishments have to calculate their financed CO2 emissions footprint in a way that’s auditable and compliant with each the Greenhouse Gas Protocol and the Partnership for Carbon Accounting Financials (PCAF) methodologies. Thus, we’ve seen the rise of the likes of Plan A, South Pole and Watershed. And, in fact, Salesforce’s sustainability cloud is a big participant.

Persefoni, a Climate Management & Accounting Platform (CMAP) for enterprises and monetary establishments, is the most recent to profit from this rising tide, with the information at present that it has raised $101 million in its Series B financing spherical. Persefoni’s pitch is that it’s an “ERP for Carbon Data”, which replaces the standard handbook and consulting-based strategy and avoids proprietary approaches, which may create issues in terms of auditing.

Leading the spherical had been Prelude Ventures and TPG Rise Climate. Also collaborating for the primary time are Clearvision Ventures, Parkway Ventures, Bain & Co., EDF (Électricité de France), Sumitomo Mitsui Banking Corporation (SMBC), The Ferrante Group, Alumni Ventures Group and New Valley Ventures. Existing buyers together with NGP Energy Technology Partners, Sallyport Investments and strategic angels additionally returned to take part. Persefoni is claiming this to be the most important spherical for a SaaS local weather tech firm, though W3Techy couldn’t affirm that at publication. Certainly, it’s important. The Series B funding brings Persefoni’s complete capital raised to $114.2 million.

Persefoni helps asset managers, banks and different monetary establishments calculate their financed emissions footprint within the compliance strategies talked about above. It now claims to have 4 of the ten largest world Private Equity companies and 4 of the world’s 20 largest banks utilizing it, together with a number of world insurance coverage corporations and pensions/endowments. It additionally works with corporates throughout manufacturing, agriculture, vitality, attire, retail, software program and enterprise companies.

Kentaro Kawamori, CEO and co-founder of Persefoni, stated: “Carbon and climate disclosures will be the biggest compliance market since the advent of Sarbanes Oxley and GDPR, but with even greater complexity. The market is rife with data and software solutions that create new proprietary methodologies every day, and our customers are beyond tired of that approach. We work daily with the world’s pre-eminent industry standards setters and regulators to enable transparency and trust at the highest levels.”

Persefoni has just lately struck strategic company partnerships with Bain & Co., EDF (EURONEXT: EDF) and SMBC (TYO: 8316), expanded into the Japanese market and launched a free tier of its base carbon accounting platform for SMBs. It additionally launched a Temperature Scoring Model to allow customers to immediately create 1.5C or 2C implied temperature rise fashions for his or her organizations.

Speaking to me over a name, Kawamori stated: “We cracked the code on taking the best from the financial ledger technology, where the accounting process is completely automated, so we don’t do any services. We’ve got a pretty significant channel strategy mirroring very similar to what you might have seen from UiPath in the early days where the primary route to market was through, big four and significant consulting partners.”

He added that whereas Persefoni companions with the Patch offsetting platform, it doesn’t take a income stream from that, since to suggest offsetting platforms could be a battle of curiosity.

He stated: “We partnered with Patch and we’re doing that in a completely commission-free, pass-through way, because we actually think it’s a massive conflict to be doing both the accounting and selling people offsets for profit, which is what some of our competitors do. We think that’s terrible, doesn’t scale and doesn’t pass audit at scale.”