Sylvera, a London, UK-based carbon data provider that helps companies meet net zero goals and invest in carbon markets, raised $57 million in Series B funding. Sylvera has raised close to $100 million ($96 million+) in external investment since its founding in 2020.
The round was led by Balderton Capital, with participation from existing investors Index Ventures, Insight Partners, Salesforce Ventures, Speedinvest, Seedcamp, and LocalGlobe. New investors Fidelity Strategic Ventures, Bain & Company, and 9Yards Capital are also joining the round.
The new funding will be used to expand into the US market by opening a New York office and building a local team to target financial services companies and the asset management industry. Additionally, funds will be allocated for further recruitment to support its engineering and product teams and drive transparency in carbon trading markets.
Sylvera aims to provide trusted data and ratings on carbon offset projects to help customers meet their net zero goals. Sylvera's customers include notable names such as S&P Global, Salesforce, BCG, and Mitsubishi, but specific customer numbers are undisclosed.
“This is the magic of machine learning,” co-founder Dr. Allister Furey tells TechCrunch. “Once you have this calibration data — it’s literally like we’re scanning trees down to, you know, 10 millimetres — that let’s you reconstitute the branching network of single trees and… hundreds or in fact millions of trees in forests where every stage of degradation and regrowth is present.”
“Nobody’s ever — including all the world’s climate scientists — really spent a lot of time and effort really measuring how much carbon is in the world forests,” he goes on to suggest. “And so we’ve done a lot of that work — collaborating with national governments, collaborating with the World Bank, and publishing on that work. So we are the world leaders in getting that calibration and validation data.”
The startup's focus on accuracy and data standardization is influenced by its target customers, which include big banks, insurance giants, and asset managers with high expectations of rigor.
Company: Sylvera Ltd.
Round: Series B
Funding Month: July 2023
Lead Investors: Balderton Capital
Additional Investors: Index Ventures, Insight Partners, Salesforce Ventures, Speedinvest, Seedcamp, LocalGlobe, Fidelity Strategic Ventures, Bain & Company, and 9Yards Capital
Company Website: https://www.sylvera.com/
Software Category: Carbon Credit Ratings
About the Company: Founded by Dr. Allister Furey and Sam Gill Sylvera, Sylvera is a carbon intelligence company that helps buyers evaluate and invest in high-quality carbon credits. The company builds software that independently and accurately automates the evaluation of carbon projects that capture, remove, or avoid emissions. Sylvera provides ratings and data assessing climate action investments, including carbon credits, allowing organizations to deliver their net-zero strategies. Its mission is to incentivize investment in real climate action.