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BFD Expert Voices - Climate Deals

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Coatue backed Sweep, an enterprise emissions-tracking software startup, to the tune of $73 million in Series B funding.

Why it matters: This is Coatue's first and only investment in the popular emissions-tracking software industry, a source tells Axios. 

Coatue's potential customer network and deep pockets have the trappings of kingmaker among any industry.

Details: Coatue proactively sought out Sweep to lead the Series B, which comes just three months after Sweep closed a $22 million Series A funding round, Sweep CEO Rachel Delacour tells Axios.

Context: That's not uncommon for Coatue, which tends to comprehensively evaluate an industry prior to picking its horse, compared to other large investors that may bet on a company first and industry second. 

Coatue had spoken with Sweep's Series A investors prior to extending the offer, Delacour says. 

Coatue has been steadily inching forward from its position in private growth equity investments toward earlier stages. 

It also invested in sustainable packaging startup Sourceful's $20 million Series A, Axios reported March 28.

How it works: Sweep sells enterprise software to large companies in Europe that need to track and report emissions to regulators, stakeholders or board members.

It plugs into historical company data to show the company's progress, and uses external data to help decision makers implement emissions-reducing action plans across departments.

It tends to work with older companies that have complex or siloed data infrastructure to bring all the information together in a single dashboard.

Think of it as similar to software data visualization tool Looker, but for carbon emissions.

It can track Scopes 1, 2 and 3 emissions. Sweep tells Axios it works with several companies that qualify as high-emitters, but its biggest competitors are internal spreadsheets. 

The bottom line: Coatue is betting that carbon-emissions accounting will remain big business as regulators tip the scales in the industry's favor.

Coatue makes its $73M emissions-tracking bet

This marks its first investment in the space.

Illustration of a car spewing exhaust in the shape of an upward trendline.

Carbon emissions

Coatue backed Sweep, an enterprise emissions-tracking software startup, to the tune of $73 million in Series B funding.Why it matters: This is Coatue&#x27;s first and only investment in the popular emissions-tracking software industry, a source tells Axios.

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Coatue makes its $73M emissions-tracking bet

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