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A Letter from our CEO: CarbonChain’s $10M Series A Funding

April 25, 2023

I’m pleased to share that CarbonChain recently completed a $10 million Series A funding round, co-led by Union Square Ventures (USV) and Voyager Ventures

This is a major milestone for CarbonChain. Back in 2019, my co-founder Roheet Shah and I decided to apply our combined decades of experience across supply chains and commodities to the challenge of climate transparency in high-carbon industries. 

I’m extremely proud of what our team has achieved since then. Today, CarbonChain’s platform is a leading carbon accounting solution for companies with high-emitting and complex supply chains. 

We’re excited for what’s next, as we build new carbon accounting and reporting products, expand our customer base in the most carbon-intensive value chains (manufacturing, commodities, and heavy industry), and grow the team in London and New York to meet increasing demand.

Two excellent VCs co-led our Series A round. USV brings absolute engagement from a whole-of-firm perspective, with a track record of long-term support for their founders through every stage of a startup’s life. Voyager Ventures’ deep climate tech focus and drive for scientific rigor in the solutions they fund is an incredible asset for CarbonChain. 

We look forward to working closely with Sierra Peterson (Voyager) and Rebecca Kaden (USV) as we navigate the growth trajectory of CarbonChain and tackle the challenge of our generation that is climate change.

Our goal: Transition the world’s supply chain to a net-zero economy

To create a net-zero global supply chain by 2050, companies need accurate emissions data to lower their carbon footprint at every stage along the supply chain. Supply chains are responsible for 60% of global emissions and as much as 90% of a company’s carbon footprint.

But despite new regulations, and the risks inherent in high-emitting supply chains, many organizations struggle to accurately measure and report their carbon footprint. 

CarbonChain’s platform measures what matters, providing companies and financial institutions with accurate accounting of Scope 3 and supply chain emissions. We use a verified methodology and track 80% of global emissions, to drive full carbon traceability and product footprinting across manufacturing, commodities and heavy industry.

As new regulations from the EU and US come into force, every major buyer and seller of carbon-intensive goods and services will need to account for their emissions. CarbonChain makes this accounting comprehensive and accurate, from source to shipment. 

Join us on the journey

What our investors and customers say

Rebecca Kaden, Union Square Ventures General Partner:

“CarbonChain has a team of passionate, expert engineers, data scientists, and sales leaders dedicated to tackling the world’s largest sources of GHG emissions. Their carbon accounting platform is becoming the go-to solution for leading companies in the commodities, metals manufacturing, trade finance, and logistics industries. We’re excited to have co-led this investment round enabling CarbonChain to continue expanding its customer base through these critical supply chains.

Deia Markova, Head of Trade and Sustainable Commodity Finance and Sustainability Ambassador at Societe Generale in Switzerland:

“The climate emergency is paramount for many of the Bank's global trade commodity clients, helping them address these challenges is, therefore, one of our main priorities. In this respect, our partnership with CarbonChain further contributes to our clients’ decarbonization journey, in a very pragmatic and innovative way using technology, and to Societe Generale's strong commitments to positive transformations of the world.”

David Schmidt, Senior Vice President in Macquarie's Global Carbon group, a division within the Commodities and Global Markets business:

“Enabling our clients to understand the emissions footprint of their transactions through CarbonChain's reliable, robust, and transparent methodologies has been a distinct value-add to Macquarie’s Global Carbon business. It has allowed us to execute a number of landmark carbon-offset commodity transactions.”

Picture of Adam Hearne
CEO and Co-Founder, CarbonChain