Scope3 – a collaborative sustainability platform decarbonizing media and advertising – recently announced a $20 million Series B funding round led by GV. The additional investors in this round include Room40 Ventures and Venrock.
This funding round will accelerate the development of Scope3’s collaborative sustainability platform (CSP) – a first-of-its-kind platform that visualizes the massively interconnected ad ecosystem while powering meaningful carbon reduction. Scope3 will also utilize the funding to grow its global advertising, tech, and sustainability experts team and further expand its data and measurement capabilities.
As global brands and advertisers continue to make carbon commitments, prepare for regulatory requirements, and partner with companies like Scope3 to guide them on sustainability journeys, this investment proves sustainability is here to stay.
Launched in December 2021, Scope3 introduced a comprehensive emissions model that maps and calculates the carbon footprint of the entire digital advertising supply chain. And the model enables every company in the ad ecosystem to see carbon emissions and then make data-driven decisions that optimize toward carbon reduction. Plus, it also powers the carbon reduction products brands marketers use today to reduce emissions.
Scope3 works with stakeholders across every part of the media supply chain, including verification partners DoubleVerify and Integral Ad Science; dozens of brands and publishers, including Sanofi, MasterCard, Insider, and Microsoft’s MSN; and nearly every global agency holding company, including GroupM and IPG.
KEY QUOTES:
“The climate crisis is an urgent and global problem. With all eyes on the world’s largest brands, advertisers, and businesses to solve it, these companies are embracing sustainability as an opportunity that is both good for the planet and good for business. Sustainable advertising is inevitable. At Scope3, we’re building a business that will serve as the foundation for the next generation of media and advertising. This investment gives us the resources to put decarbonization tools into the hands of the industry, while attracting the talent needed to build a more sustainable ad ecosystem and deliver on our mission.”
“Every major company is going to have a sustainability platform for media and advertising 24 months from now. I’m grateful for the support of GV and our other investors, as well as the many clients, partners, and industry leaders who have helped us get to this point. GV’s climate tech focus and extensive knowledge of the nuances of advertising technology make them the perfect fit.”
— Brian O’Kelley, Co-Founder and CEO, Scope3
“We look for companies developing technology that can drive real-world innovation and impact, and we’ve been impressed with Brian’s leadership and Scope3’s early momentum. The company’s focus on measurement and reduction takes the right approach to decarbonization and we’re confident in their ability to move the entire digital ad ecosystem toward climate progress. We are delighted to support their business expansion.”
— Erik Nordlander, General Partner at GV
