UK Climate Fintech Sylvera Raises $57m Series B
London, UK – Sylvera, a climate fintech that helps companies meet their 2050 net zero goals by investing in international carbon markets, today announced that it has raised $57 million in Series B funding.
The round was led by Balderton Capital, with participation from Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, and LocalGlobe, and new investors Fidelity Strategic Ventures and 9Yards Capital.
Founded in 2020 by Allister Furey and Sam Gill, Sylvera’s data helps measure and benchmark progress against targets by rating the impact of carbon credits. The company’s platform also provides access to a range of carbon markets, including the Voluntary Carbon Market (VCM) and the Compliance Carbon Market (CCM).
Since its last funding round in January 2022, when it raised a $32 million Series A round, Sylvera has seen a sevenfold growth in its customer base. The new cash will be used for international expansion into the US, where it has opened a New York office and will double its US team from its current size of 12 by the end of 2023. It will also make further investments in its UK engineering and product teams.
“There is a serious lack of data to demonstrate progress against net zero targets and to prove that carbon emissions are actually being reduced or removed from the atmosphere. This uncertainty has created inaction–Sylvera is changing that,” said Allister Furey, CEO and co-founder of Sylvera.
“Our technology ensures funding is going to the projects, companies, and countries having maximum climate impact to get the world on track for net zero. In time, this data will create much-needed financial incentives, such as higher share prices and cheaper borrowing, for organizations taking serious net zero action,” he said.
The funding round comes at a time of growing interest in the carbon markets, as companies and governments look for ways to reduce their carbon emissions. The VCM is expected to grow from $100 billion in 2022 to $500 billion by 2030, while the CCM is expected to grow from $80 billion in 2022 to $200 billion by 2030.
Sylvera is well-positioned to capitalize on this growth, as it has a strong team of experienced professionals with a deep understanding of the carbon markets. The company has also developed a leading platform that provides users with the data and tools they need to make informed decisions about their carbon investments.
Deal Table for Sylvera
|Key People||Investors||Amount Invested||Sector||Funding Round|
|Allister Furey, Sam Gill||Balderton Capital, Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, LocalGlobe, Fidelity Strategic Ventures, 9Yards Capital||$57m||Climate Tech||Series B|
- South Pole Group is a climate solutions company that helps businesses and organizations reduce their carbon emissions. The company has raised over $1 billion in funding.
- Verra is a carbon credit registry that provides a platform for the trading of carbon credits. The company has raised over $100 million in funding.
- Climate Bonds Initiative is a non-profit organization that develops standards for the issuance of green bonds. The organization has raised over $1 trillion in green bonds.
These startups are all working to address the climate crisis by providing companies and organizations with the tools they need to reduce their carbon emissions. They are all well-funded and have a strong team of experienced professionals. These factors make them well-positioned to succeed in the climate tech market.