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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.

Go deeper

Austin's big year for VC funding

Expand chart
Data: PitchBook & NVCA; Chart: Baidi Wang/Axios

Despite the pandemic and labor shortages, Austin's venture capital industry in 2021 continued to boom.

The big picture: Startup funding flowed in Austin last year, delivering 387 deals valued at a record-setting $4.9 billion — or 211% growth compared to the previous year — per data from PitchBook.

  • The investments range from seed money to later stage rounds, a sign Austin serves to benefit brand-new startups as well as growing companies.
Ben Geman, author of Generate
Jan 13, 2022 - Energy & Environment

Biden's climate runway is shortening

Expand chart
Data: U.S. Energy Information Administration; Chart: Jacque Schrag/Axios

The Biden administration is expanding efforts to speed clean electricity expansion with its existing powers, but faces big obstacles to meeting its climate goals without far more help from Congress.

Why it matters: President Biden has set a goal of reaching 100% carbon-free power by 2035 and cutting economy-wide greenhouse gas emissions — that is, power, transport, industry, etc. — in half by 2030.

Momentum builds to ban lawmakers from trading stocks

Illustration: Sarah Grillo/Axios

Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it's unlikely that leadership will bring the bill up for a vote.

Why it matters: Members of Congress have great power to move stock prices, and great financial incentives to do so.