Sylvera, a UK-based startup that uses machine learning tools to track the performance of carbon offsets, has raised USD 32 million in a Series A funding round co-led by Index Ventures and Insight Partners on 25 January 2022. The company has raised USD 39.5 million to date.
Investors: Index Ventures and Insight Partners, a New York-based global private equity and VC firm, co-led the latest funding round with participation from Salesforce Ventures, LocalGlobe and several angel investors.
The Objectives behind the funding: The company plans to deploy the current proceeds to fuel further business expansion, including further expanding the team and beefing up technical leadership. Expanding the platform to include universal coverage of all offsets is also on the cards.
About Sylvera
Founded in 2020 by Samuel Gill and Allister Furey, Sylvera uses machine learning tools to analyse and track the performance of carbon offsets. The startup’s tools remotely monitor the performance of offset projects at up-to weekly intervals as well as review and integrate them into internal and external reporting frameworks. It enables clients to reduce their reputational risk and help them provide their customers with much more transparency regarding carbon data.
What the Founder has to say:
Commenting in a statement, Dr. Allister Furey, co-founder and CEO, said: “The market is one of the world’s most powerful tools against climate change. But we need reliable data to determine the quality of carbon offsets in order to incentivise people to invest in the projects that are actually doing good — and to reward the project developers doing good work. That’s why we’re building the most accurate ratings for the Voluntary Carbon Market (VCM). We’ll use the funding to expand our coverage so that, with our ratings, corporate sustainability leaders, carbon traders, and policymakers will have clarity, confidence and choice when evaluating and investing in carbon projects. This is how you move billions of dollars into carbon abatement, sequestration and removal.”
What the Investor has to say:
Commenting on the Series A round in a statement, Carlos Gonzalez-Cadenas, partner at Index Ventures and Sylvera board member, added: “We won’t stand a chance of reducing the world’s carbon emissions without a well-functioning carbon offset market. Billions are spent on carbon offsets every year, yet there is a lack of transparency and accountability and, therefore, a lack of trust. Trust is absolutely essential to reach the scale required to address the climate emergency. As an independent data provider, Sylvera has seen exponential growth in demand from some of the world’s largest companies, governments, and other entities. It highlights how critical their work is, and we’re excited to expand our partnership with Sylvera.”
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our 2022 best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Article
