Plan A successfully closed a $10 million investment from HV capital and Keen Venture Partners for the company’s series A funding round for its carbon accounting software.
Plan A has become a leading presence in the corporate sustainability market thanks to its proprietary Environmental, Social, and Governance (ESG) software. And the secured investment will go towards further developing this software in order to help businesses transition to greener and more sustainable practices.
The company has set an ambitious goal of ‘becoming the next Gigacorn’ as it aims to take over 1 gigaton of CO2 emissions under management in the coming two years.
In a comment on the latest funding round, Plan A CEO and co-founder Lubomila Jordanova said it is helping the company reinforce its position on the market.
She also emphasized her excitement to ‘bring HV Capital and Keen Venture Partners onboard the Plan A journey’. It is the CEO’s firm belief that Plan A’s advanced software can help businesses reach their climate goals.
Currently, the company’s team is working on deepening the accounting platform’s calculation engine and machine learning capabilities.
The software already has functionalities for advanced carbon footprint accounting in addition to AI-powered decarbonization planning. But Plan A intends to add an ESG tool that will allow businesses to measure, analyze and report data in accordance with all current and upcoming regulations.
The tech company’s SaaS platform and advanced data processing approach is already used by high-profile clients, such as Société Générale, Apax, JOKR, BMW and the European Union.
That, in addition to Plan A’s solid scientific background and expert team of international researchers, scientists and carbon reduction specialists is what led investors like HV Capital to put their trust in the Berlin-based start-up.
As partner at HV Capital Alexander Joël-Carbonell shared, the venture capital firm reviewed Plan A very thoroughly and found it to be best-positioned to make its carbon accounting software available globally and facilitate decarbonization on a genuinely impactful scale.