Watershed nabs $100M Series C to track emissions
Emissions tracking service Watershed closed a $100 million Series C as corporations move ahead on going green.
Why it matters: ESG initiatives may be in the crosshairs, but major companies are still investing heavily in reducing their carbon emissions.
Details: Greenoaks led Watershed's all-equity round; Kleiner Perkins and Sequoia Capital participated.
- The round pushed Watershed's post-money valuation to $1.8 billion.
How it works: Watershed works with businesses to track their emissions, generate sustainability reports and develop roadmaps for going green.
Flashback: Watershed last year acquired VitalMetrics, an emissions accounting and data firm.
State of play: Board room efforts to integrate environmental, social and progressive governance principles into corporate goals have encountered resistance, as have similar political efforts such as California's new climate disclosure laws.
- A range of companies however are still pushing ahead on improving their environmental performance.
- Watershed's clients, for example, include General Mills, Carlyle, BBVA, Paramount, Block, and four of the six major U.S. banks.