Patch, led by CEO Brennan Spellacy and based in San Francisco, provides a platform that lets companies embed climate action directly into their products, neutralizing the carbon impact of transactions such as shipping, travel and financial services. The platform enables businesses of any size and budget to purchase carbon credits and also provides infrastructure for developers of climate solutions to grow and scale. Patch facilitates impactful transactions on the voluntary carbon market, which the article notes is projected to become a $100B market by 2050. The company plans to use newly raised funds to support hiring, expand into new markets and develop an expanding technology footprint. Financially, Patch raised $55M in a Series B and has $80M in total funding to date. The product and go-to-market focus center on making climate action accessible and integrable across a wide range of business transactions. Patch provides an API that helps companies monitor and track their carbon footprints and purchase offsets. Available offsets include nature-focused projects such as planting trees and placing soil, as well as frontier removal approaches including mineralization, bio-oil, and biochar. Clients integrate Patch's API to collect emissions data and then buy offsets to counteract their footprint. The company has rapidly expanded since its seed round earlier in the year, which was led by Andreessen Horowitz. With the new funding, Patch plans to hire at least 25–30 people to add to its existing team of 15. CEO Brennan Spellacy highlights the company's rate of learning and acceleration as key drivers of investor interest. Patch offers a carbon removal platform and API that lets businesses calculate their carbon footprint and purchase negative emissions from vetted projects. Its API includes pre-written code that integrates directly into company websites and can track employee flights and other travel, using an algorithm that accounts for trip length and mode of travel. Businesses can embed pre-selected portfolios or allow end users to browse the full menu of projects covering concrete mineralization, direct air capture, improved forest management, biochar, and more. Patch supports suppliers by enabling continuous distribution and recurring orders; the platform has 11 carbon removal suppliers onboard and plans to add 10 more in Q1. The company provides software to streamline portfolio creation and plans to use new funding to expand operations and its business reach. Patch is headquartered in San Francisco, CA.

Total raised

$80M

Funding rounds

3

Latest round

Series B

Latest activity

Sep 2022