Sylvera has raised $57 million in a Series B funding round. It aims to help companies achieve their net zero goals and invest in carbon markets.
Founded in 2020, Sylvera has so far made efforts to progress in bringing transparency to the carbon markets. It has also helped buyers see what to avoid and provide capital to scale towards genuinely impactful projects.
The new investors are – Balderton Capital, Bain & Company, Fidelity Strategic Ventures, and 9Yards Capital. Existing investors remain Index Ventures, Insight Partners, Salesforce, Speedinvest, Seedcamp, and LocalGlobe.
Balderton Capital, partner, Daniel Waterhouse, said – “There is an urgent need to provide the most accurate and transparent views on the multitude of carbon projects around the world in order for corporations, governments and markets to trust in the carbon credits they are buying.”
“Sylvera has proven to be the market leader in this emerging field and we are excited to be joining them on the next phase of the journey and their work in accelerating the roll-out of data, tools and software in order to steer a path to reducing damaging climate change.”
It now plans to introduce data and transparency to overall net zero action. This will create incentives for organizations to take action that has a real impact on the climate scene.
Sylvera will use the funding to scale team and product offerings. The company also suggests expansion in the U.S.
Acquired funds allow Sylvera to double down on its tech to offer powerful data to assist investment in climate measurements.
Sylvera plans to double and expand
Since the $32 million Series A announcement, Sylvera claims to have –
- Expanded its customer base sevenfold.
- Welcomed partnerships with a range of firms, including S&P Global.
- Received clients from major financial services institutions to sovereign governments.
Due to the lack of the most updated data, net-zero target progress is at risk. The carbon emissions capture and carbon emissions removal data are insufficient to come to any strong conclusion. This uncertainty breeds inaction and imposes an economic penalty on those taking action. To reverse this, Sylvra is “creating an incentive for investment in genuine climate action.”
Sylvera’s plan of action
Sylvera plans to use modern technology and advanced carbon project evaluation methodologies. Using the combination, Sylvera hopes to gather and use robust data and ratings about climate action investments.
The investments include carbon credits that guide the private sector and government to fill gaps in their net zero strategy to work towards societal net zero. The data will assist in making effective and much-awaited financial incentives like higher share prices and cheaper borrowing for serious, action-taking organizations.
The company’s obtained funding will develop the platform and include new data and information about net zero activity and carbon credits.
Sylvera says it will help “to provide a more holistic picture of organizations’ progress against their targets.”
Sylvera will also apply the funds attained to scale its technical capabilities and grow its engineering and product team. As an added step, Sylvera has recently added a Chief Technical Officer to the leadership team, Serge Kruppa, who led engineering teams at Checkout.com and Twilio.
Sylvera aims to expand into the U.S. with a local office in New York. Such a strategy is to create “a presence in a global hub for financial services” that will help Sylvera “embed into the center of the industry.”
While developing infrastructure for a new type of financial market, they will opt to double the local team by the year’s end.
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