Carbon offsets rating provider Sylvera has raised $32.6M in Series A funding. Index Ventures and Insight Partners co-led the round. Salesforce Ventures, Local Globe, and angel investors also participated.
Since its founding in 2020, Sylvera has raised $39.5.
The carbon credit industry is booming.
The demand for carbon credits is at an all-time high.
In 2018 the carbon credit industry was worth $300 million. Today it is at $1 billion. Many experts believe the value of the voluntary carbon market could reach $100 billion by 2030.
The carbon credit industry has grown because carbon credits allow companies to offset emissions they cannot eliminate. Over the past several years, it has also improved, causing more companies to buy-in.
In the past, critics felt that the carbon credit and offset industry lacked the oversight it needed. The data or the claims made weren’t accurate.
But companies like Sylvera have helped make a difference. Their tools can help measure the quality of an offset project – easing concerns.
Accurate offset ratings can help carbon markets grow.
“The [carbon] market is one of the world’s most powerful tools against climate change. But we need reliable data to determine the quality of carbon offsets, to incentivize people to invest in the projects that are actually doing good – and to reward the project developers doing good work,” said Dr. Allister Furey, co-founder, and CEO of Sylvera.
“That’s why we’re building the most accurate ratings for the Voluntary Carbon Market (VCM). We’ll use the funding to expand our coverage so that, with our ratings, corporate sustainability leaders, carbon traders, and policymakers will have clarity, confidence, and choice when evaluating and investing in carbon projects. This is how you move billions of dollars into carbon abatement, sequestration, and removal.”
“We’ve seen incredible growth in the carbon offset market, but until recently, it’s been difficult for the companies that buy these offsets to measure their impact,” said Deven Parekh, Managing Director at Insight Partners.
“Sylvera’s advanced technology allows corporations to monitor the performance of nature-based offsets in real-time. Sylvera has quickly become a leader in the industry with a growing list of Fortune 500 clients. We’re excited to partner with Sylvera as they continue to scale up.”