- Climate tech company Patch announced it raised $55 million in funding. These are the details.
Climate tech company Patch announced it raised $55 million in funding.
Funding amount: $55 million
Funding round: Series B
Investors: Led by Energize Ventures and new investor participation from B Capital Group, AENU, Blue Impact, Andrew Robb, Frank Slootman, GIC, and MCJ Collective, as well as participation from existing investors Coatue Management, Version One Ventures and Andreessen Horowitz.
Total raised: $80 million
What the funding will be used for: The capital will continue to support hiring, growth into new markets and development of an expanding technology footprint, putting the company on track to deliver massive climate impact across the globe.
Joining the Board: Energize Ventures Partner Tyler Lancaster
What Patch does: Patch plays an essential role at the intersection of climate and technology by powering the ability to embed, through an enterprise-grade API, climate action into every product and service – a critical component to achieving this level of scale. With Patch’s platform, businesses of any size, with any budget, can easily purchase carbon credits as a means of taking climate action. Plus Patch also provides those developing the climate solutions with the infrastructure they need to grow and scale their businesses, facilitating impactful transactions on the voluntary carbon market, which is projected to become a $100 billion market by 2050.
Metrics: In the last year, Patch saw incredible demand, growing its customer base 5 times to over 100 companies worldwide. And using Patch, forward-thinking companies across all industries are incorporating climate action directly into their business.
“The market for carbon credits is on a trajectory to reach $50 billion in the next 10 years, making it one of the largest and most paramount markets of our time. However, today’s carbon credit infrastructure is highly fragmented and lacks standardization – making it difficult and complex to tap into. Patch’s platform provides a much-needed digital backbone that simplifies the transaction complexity of the carbon management ecosystem for both buyers and suppliers, increases transparency, and enables the carbon market to scale to meet global climate goals.”
— Energize Ventures Partner Tyler Lancaster, who joins the Patch board of directors
“We are at a crucial pivot point, and it’s essential we get as many companies as possible taking action to reverse climate change, but many struggle with how to integrate this action into their business. At Patch, we are changing that. Our infrastructure lowers the barrier to entry for both businesses and climate project developers looking to enter the carbon market which, in turn, could help unlock 20% of the climate change solution the world so desperately needs.”
— Brennan Spellacy, CEO and co-founder of Patch