SAN FRANCISCO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Patch, the climate-tech company that is making meaningful climate action a part of everyone’s business, announced today a $55M series B funding round, customer growth and overall company momentum. Energize Ventures led the round with participation from new and existing investors including Coatue Management and Andreessen Horowitz, bringing the company to a total of $80M in funding to date.
Scientific consensus from the UN IPCC shows that reaching global climate goals will require carbon removal to scale 1 million times current capacity by 2050. Patch plays an essential role at the intersection of climate and technology by powering the ability to embed, through an enterprise grade API, climate action into every product and service – a critical component to achieving this level of scale.
With Patch’s platform, businesses of any size, with any budget, can easily purchase carbon credits as a means of taking climate action. The transparent infrastructure is transforming a traditionally complex and opaque system for purchasing carbon credits. Patch also provides those developing the climate solutions with the infrastructure they need to grow and scale their businesses, facilitating impactful transactions on the voluntary carbon market, which is projected to become a $100B market by 2050.
More than 100 Corporate Customers Spanning E-Commerce to Financial Services
In the last year, Patch saw incredible demand, growing its customer base five times to more than 100 companies worldwide. Using Patch, forward-thinking companies across all industries are incorporating climate action directly into their business:
- Afterpay, the buy now pay later group, touted the ease of Patch integration which was built into Afterpay’s system in less than three months and now enables thousands of customers to both understand and take action to neutralize the emissions associated with their purchases.
- European investor, EQT, has leveraged Patch to position themselves at the forefront of climate innovation, using the platform to neutralize their own carbon footprint through bold investments in frontier technologies.
- Shop Apotheke Europe – one of Europe’s leading e-pharmacies – used Patch to procure credits that will neutralize their company’s emissions for the first half of 2022, part of the company’s robust decoupling measures.
- Restaurant company Just Salad recently integrated Patch right into their mobile app, offering customers the ability to easily neutralize the carbon footprint of their lunch order with one simple swipe.
Company Momentum Towards Scaling Climate Action
Patch has quickly grown its team by 400 percent to more than 60 employees worldwide in the last 12 months and opened a European headquarters in London. The company continues to attract top talent from leading technology companies like Shopify, Stripe and Plaid, leveraging veteran tech expertise to address the most important problem to solve of our time.
This latest funding round was led by Energize and had new investor participation from B Capital Group, AENU, Blue Impact, Andrew Robb, Frank Slootman, GIC, and MCJ Collective, as well as participation from existing investors Coatue Management, Version One Ventures and Andreessen Horowitz. The capital will continue to support hiring, growth into new markets and development of an expanding technology footprint, putting the company on track to deliver massive climate impact across the globe.
Supporting Quotes
“The market for carbon credits is on a trajectory to reach $50 billion in the next 10 years, making it one of the largest and most paramount markets of our time,” said Energize Ventures Partner Tyler Lancaster, who joins the Patch board of directors. “However, today’s carbon credit infrastructure is highly fragmented and lacks standardization - making it difficult and complex to tap into. Patch’s platform provides a much-needed digital backbone that simplifies the transaction complexity of the carbon management ecosystem for both buyers and suppliers, increases transparency, and enables the carbon market to scale to meet global climate goals.”
“We are at a crucial pivot point, and it’s essential we get as many companies as possible taking action to reverse climate change, but many struggle with how to integrate this action into their business,” said Brennan Spellacy, CEO and co-founder of Patch. “At Patch, we are changing that. Our infrastructure lowers the barrier to entry for both businesses and climate project developers looking to enter the carbon market which, in turn, could help unlock 20% of the climate change solution the world so desperately needs.”
Additional Resources
- For a deeper dive from Patch co-founders on the series B funding round, visit the Patch blog here.
- For more insights into why Energize invested in Patch, visit the Energize blog here.
- To learn more about how Patch works, visit the Patch website here.
About Patch
Patch is the platform scaling unified climate action. With Patch, companies can embed climate action into their own products, neutralizing the carbon impact of everyday transactions like shipping, travel and financial services. Companies can also compensate for emissions within their own operations and supply chain using Patch. Whether leveraging an API integration or directly purchasing trusted credits, Patch is the platform for businesses and consumers to seamlessly take meaningful climate action. For more information, visit patch.io.
About Energize Ventures
Energize Ventures is a leading global alternative investment manager focused on accelerating digital transformation in energy and sustainability. Founded in 2016, Energize has funded 22 companies to-date and is backed by strategic and institutional LPs including CDPQ, Invenergy, Schneider Electric, General Electric, Caterpillar, and more. With an unmatched depth and breadth of industry and operational expertise, Energize works in partnership with its portfolio companies to realize their full potential from early commercialization to growth scaling and into the public markets. For more information on Energize Ventures, please visit www.energize.vc.
Contact
Katie Lyons
katie@patch.io
