Exclusive: Felicis stakes $4M carbon accounting claim

GreenPlaces, a carbon accounting and emissions management software maker, raised $4 million in seed funding from Felicis Ventures, the company exclusively tells Axios.

Why it matters: The round links up GreenPlaces with one of Silicon Valley's best-known investors and its portfolio network.

Details: Felicis Ventures is not getting a board seat as part of the all-equity funding round, which closed in August. Bull City Ventures and a number of angel investors also participated in the round. GreenPlaces CEO Alex Lassiter declined to disclose the company's valuation.

How it works: GreenPlaces' carbon accounting and recommendation software caters to small and medium businesses that do not have dedicated teams internally to manage or measure sustainability goals, Lassiter says.

• The subscription includes an API-based data analysis to generate a number for a company's emissions and how to lower them.

What they're saying: "We want every company to understand their impact on their environment and become GreenPlaces certified, similar to how consumers use their credit scores," Felicis Ventures general partner Viviana Faga tells Axios.

The bottom line: GreenPlaces is going for quantity over quality in its bid to win in the increasingly competitive carbon software market.