Sylvera, a company specializing in machine learning-based tools for monitoring carbon offsets, revealed the successful completion of a Series B funding round, raising $57M (around €50.64M).
Balderton Capital spearheaded the round, with participation from existing investors Index Ventures, Insight Partners, Salesforce Ventures, Speedinvest, Seedcamp, and LocalGlobe, demonstrating their continued support for Sylvera.
In addition, new investors Fidelity Strategic Ventures, Bain & Company, and 9Yards Capital also joined this funding round.
Daniel Waterhouse, Partner at Balderton Capital, emphasized the pressing need for accurate and transparent insights into carbon projects worldwide. He emphasized the importance of building trust in carbon credits for corporations, governments, and markets to effectively contribute to climate action and achieve net-zero goals.
Waterhouse expressed confidence in Sylvera’s position as a market leader in this emerging field. He expressed excitement about joining the company on its next phase of growth and their efforts to accelerate the deployment of data, tools, and software to combat climate change effectively.
Founded in 2020 by Allister Furey and Sam Gill, Sylvera empowers businesses and governments to make carbon credit investments while accurately reporting their environmental impact.
By leveraging a combination of technology and carbon measurement methodologies, the company provides ratings and insights on climate action investments, including carbon credits. This enables organizations to confidently work towards their net-zero goals and contribute to societal net-zero ambitions.
Allister Furey highlights the critical data gap in demonstrating progress towards net-zero targets and proving the actual reduction or removal of carbon emissions from the atmosphere. Sylvera aims to address this uncertainty and drive action.
“Our technology ensures that funding is directed towards projects, companies, and countries that have the greatest climate impact, thus steering the world towards net-zero goals. Over time, this data will create much-needed financial incentives, such as increased share prices and reduced borrowing costs, for organizations actively pursuing net-zero strategies,” adds Furey.
Sylvera develops software solutions to impartially and precisely evaluate carbon initiatives that capture, reduce, or avoid emissions, assisting organizations in making impactful investments. By incorporating technology and climate science, the company establishes rigorous and comprehensive procedures to assess projects and generate valuable data.
Sylvera intends to utilize the funding to enhance its platform by incorporating new data and information on carbon credits, providing valuable insights into companies’ plans and genuine progress towards their net-zero targets.
The funds will also support the company in expanding its technical capabilities and scaling its engineering and product teams.
Erik Mostenicky, Principal at Fidelity International Strategic Ventures, acknowledges the crucial role of Sylvera’s trusted and impartial data in helping asset managers effectively evaluate the net-zero plans of investee companies worldwide.
The company’s unique data platform not only enables the development of new sustainable investment products but also educates investors about the quality of carbon offsets.
“We recognize that the institutionalization of carbon markets is vital for corporates and investors to achieve their net-zero targets, and we believe Sylvera will play a pivotal role in facilitating this transition,” adds Mostenicky.
Growth & Development
As Sylvera ventures into the US market, it has established a local presence in New York, capitalizing on the city’s global standing as a financial hub. This strategic move allows Sylvera to integrate with the robust financial services infrastructure and expand its network of business partners.
Currently, the firm employs 12 professionals in the US, a number that is set to double by the end of the year. The expansion comes in response to the growing demand for Sylvera’s services, as evidenced by a sevenfold increase in the number of customers since January 2022. Among these customers are prominent financial services providers, infrastructure suppliers, and sovereign governments.
To further strengthen its executive team, Sylvera recently welcomed Serge Kruppa, a seasoned professional with extensive technical expertise gained from his roles at Checkout.com and Twilio. Kruppa’s addition to the team bolsters Sylvera’s technical capabilities and positions the company for continued growth and innovation.