Patch is embedding climate action into the global economy
Patch has announced that it has raised $55 million in series B funding. This new round of funding brings Patch one step closer to its goal of radically scaling unified climate action across the global economy.
Co-Founder’s of Patch, Brennan Spellacy and Aaron Grunfeld, released the following on the announcement:
How far Patch has come
When we started Patch in 2020, the sky was an unprecedented orange from raging fires, we were at the start of a global pandemic, and the climate conversation was quite literally heating up. Climate action—particularly outside of immediate and necessary emissions reductions— lacked the technology infrastructure to enable more efficient development and scale. Because of our collective experience leveraging technology to unlock growth, we knew we could apply the same learning to one of the most eminent issues of our time – climate change. We saw an opportunity to fast-track solutions that would avoid future emissions, conserve and restore natural carbon sinks, and remove carbon directly from the atmosphere. And we knew software had the potential to connect businesses ready to support this work with those developing and executing the solutions.
With our initial API and trusted carbon credit marketplace, we were able to create a new level of accessibility for climate action that was not previously available. We’re honored to count customers like Afterpay, EQT, Shop Apotheke Europe, and Just Salad as just a few of the innovators we work with driving climate impact.
Video source: Patch / YouTube
Patch’s success to date is indicative of a broader sense of urgency by many companies to act now. In fact, the number of businesses pledging to do their part through net-zero commitments doubled the year Patch was established. The science confirms that this increased appetite to bolster climate solutions is absolutely essential: According to the IPCC report released this year, carbon dioxide removal to the order of 5-16 gigatonnes annually by 2050 will be required to stay below 1.5°C global warming. That’s in addition to a swift reduction in existing emissions.
But the rapid momentum we’ve seen at Patch goes way beyond this. What’s more important than the mission is our team. The incredible group we’ve assembled has been able to turn the initial vision into a meaningful reality. From building our tech platform through the first few lines of code to working side by side with our carbon credit providers to drive tangible impact, our team is truly our most competitive differentiator. And as a result, we’ve been lucky to work with some truly exceptional partners who are leading the industry and exemplifying the idea that we’re all in this climate fight together.
See related article: S&P DJI Launches Climate-Focused Market ‘S&P Net Zero 2050 Carbon Budget Indices’
Climate action, accessible to all
To scale anything to the level of billions (i.e. gigatonnes) requires an infrastructure that can be managed digitally. The infrastructure Patch has built not only enables buyers and sellers in the current carbon market, but lays the foundation for stakeholders throughout the ecosystem to participate and foster impactful growth now and in the future.
Today, we’ve succeeded in building a solution that facilitates a truly holistic climate action experience. Any company can leverage our technology to embed climate action directly into their products and services as well as make impactful contributions to help compensate for their footprint or simply indicate their commitment to a more livable future.
We’re grateful to work with Energize Ventures, extraordinary partners who led this round and who share our vision for technology enabled sustainability. We continue to value the support of our existing investors at Coatue Management, Version One Ventures, and Andreessen Horowitz, and are extremely excited to bring on new investors, B Capital Group, AENU, Contrary, Blue Impact, Andrew Robb, Frank Slootman, GIC, and MCJ Collective.
Where we’re headed
Our plan is to continue to efficiently expand Patch into new markets – across geographies, enterprise levels and industry sectors, while growing our technology footprint, and bringing on additional top-tier talent to join the Patch team.
Source: Patch