Patch, a San Francisco, CA-based climate-tech firm making meaningful climate action part of everyone's business, announced that it raised $55 million in Series B funding, bringing the company's total capital to $80 million.
The round was led by Energize, with participation from new investors B Capital Group, AENU, Blue Impact, Andrew Robb, Frank Slootman, GIC, and MCJ Collective, as well as current investors Coatue Management, Version One Ventures, and Andreessen Horowitz.
The capital will continue to support hiring, growth into new markets, and the development of an expanding technology footprint, putting the company on track to deliver massive climate impact across the globe.
“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.”
Patch saw incredible demand in the last year, growing its customer base five times to more than 100 companies worldwide.
Company: Patch Technologies, Inc.
Round: Series B
Funding Month: September 2022
Lead Investors: Energize
Additional Investors: B Capital Group, AENU, Blue Impact, Andrew Robb, Frank Slootman, GIC, MCJ Collective, Coatue Management, Version One Ventures, and Andreessen Horowitz
Company Website: https://www.patch.io/
Software Category: Carbon Market software
About the Company: Founded in 2020 by Aaron Grunfeld and Brennan Spellacy, Patch is the platform that powers climate action. With an API and a marketplace that enables companies to seamlessly purchase as little as a gram to giga-tonnes of carbon removal from reputable and trusted carbon removal projects, Patch enables people and businesses to take action against climate change. With Patch, companies can embed climate action into their products, neutralizing the carbon impact of everyday transactions like shipping, travel, and financial services. Companies can also compensate for emissions within their operations and supply chain using Patch. Patch is on a mission to reach giga-tonne scale carbon sequestration and has grown its team by 400 percent to more than 60 employees worldwide in the last 12 months and opened a European headquarters in London.