Dec 21, 2021 - Energy & Environment

Exclusive: $10 million fundraise for supply chain CO2 cuts

Animation of a shipping container with a loading screen on it
Illustration: Sarah Grillo/Axios

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.
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