Greenly is a five-year-old, Paris-based startup whose core product is carbon accounting software that ingests customer utility data, freight bills, cloud computing usage and financial records and uses its own data and algorithms to calculate emissions by category and scope. The company targets SMBs and mid-market firms that lack headcount to track carbon, offering a lower-cost alternative to in-house teams. Last year Greenly recorded over $10 million in annual recurring revenue, and CEO Alexis Normand intends to double ARR annually for the next several years. To support growth, Greenly plans to expand beyond company-level carbon accounting into automated life cycle assessments for individual products, a process that is typically weeks or months when done manually. The startup emphasizes automation to speed assessments and help smaller suppliers meet requirements from large buyers in manufacturing, garments and construction. Greenly leverages its carbon accounting expertise to make product-level footprinting more accessible to smaller companies. Greenly offers a software-as-a-service platform that calculates corporate carbon emissions, stores and tracks them, and generates certified carbon footprint reports following the Greenhouse Gas Protocol. The product automates data collection via integrations with accounting and financial systems (it uses Codat) and dozens of other data sources. It can estimate emissions automatically for low-priority items and prompt users for more granular inputs on larger emission sources. Greenly is building additional integrations with electricity providers, cloud services, and e-commerce platforms (for example, Shopify) to capture more data automatically. The platform also enables customers to request supplier data through a portal, consolidate responses, and grade suppliers, creating a viral adoption loop. The company serves about 400 customers (roughly 90% SMEs) and has opened an office in the U.S. to address the American market. Greenly is a Paris-based SaaS startup that provides carbon accounting and AI-powered analytics to help organizations lower their carbon emissions. Its product automates emissions analytics through accounting integrations and APIs (electricity, cloud services, etc.) and includes an AI recommendation engine that suggests practical ways to reduce emissions, such as less carbon-intensive supplier alternatives. The company focuses on simplifying carbon accounting for SMEs with an intuitive platform. Proceeds from the recent fundraise will be used to accelerate deployment of its B2B SaaS, further develop technology, expand technical and R&D teams, hire carbon footprint experts, and build a sales team to scale beyond France into Europe and the US. Greenly raised $3M in a seed round to support these plans. The company was founded in 2019 by Alexis Normand, Matthieu Vegreville, and Arnaud Delubac in Paris. Greenly aims to grow from a few hundred customers to thousands.

Total raised

$78M

Funding rounds

3

Latest round

Series B

Latest activity

Mar 2024