Exclusive: $10 million fundraise for supply chain CO2 cuts
SupplyShift, a company founded by two climate scientists that seeks to help companies reduce their supply chain emissions, has raised $10 million.
Driving the news: As more companies make far-reaching emissions reduction goals, they can quickly run out of opportunities to limit direct emissions from their offices, stores and shipping.
- Addressing supply chain emissions, which can be a complex, global task, is therefore getting increased attention, with firms like SupplyShift creating software to help companies quantify them.
- The company already engages with a network of suppliers numbering close to 100,000, which are located in 136 countries, Alex Gershenson, CEO and co-founder, told Axios.
Details: The new funding is led by Buoyant Ventures with participation by HSBC, Impact Engine, AiiM Partners, Working Capital, Valuestream Ventures and Supply Chain Ventures.
- "One of the things that always surprised me, in the beginning, was how little companies knew about who their suppliers actually are," Gershenson said, noting that the firm's process includes a discovery phase.
- SupplyShift, which has about 60 employees, continues to build a network of buyers and suppliers who it provides with insights on carbon emissions and other factors.
- Other startups are active in this space, including Sweep, which announced a $22 million Series A last week, though it is especially active in Europe, compared to SupplyShift's U.S. focus.