Europe-based decarbonization startup Plan A has successfully secured $27 million in a new funding round. The event was led by Lightspeed Venture Partners and included participation from notable investors such as Visa, Deutsche Bank, and the venture capital arm of BNP Paribas, Opera Tech Ventures.
Plan A is a climtech company that has developed a comprehensive software platform to assist organizations in monitoring their efforts towards achieving carbon neutrality. The company specializes in corporate carbon accounting, decarbonization, and ESG reporting software.
The funding comes as a result of the company’s impressive growth in its customer base and software revenues. With over 1,500 clients and a year-on-year growth of more than 600% in software revenues from December 2021 to 2022, Plan A has demonstrated its potential for success in the market.
The company has also established a strong pan-European partnership network, which further solidifies its position as a leader in its industry. These achievements and strong market presence have likely caught the attention of the new investors as well as the existing ones, such as HV Capital, Keen Venture Partners, Demeter IM, and coparion, who also took part in the funding round.
The funding raised by Plan A will be strategically utilized to fuel the company’s expansion efforts in Europe. One key area of focus will be the growth of its workforce, with plans to double its current headcount to over 240 employees. This step will enable Plan A to strengthen its presence and operations, specifically in France, the UK, and Scandinavian countries.
Additionally, a significant portion of the funds will be allocated towards further enhancement of the platform’s capabilities. This includes the development and improvement of the platform’s decarbonization tooling, Scope 3 coverage, actionability, and policy alignment features.
The ultimate goal of the decarbonization startup is to provide businesses with a comprehensive and user-friendly SaaS platform that empowers them to manage their net-zero journey effectively.