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Watershed nabs $100M Series C to track emissions

Illustration of a calculator that reads CO2

Illustration: Sarah Grillo/Axios

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.
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