Carbon management and accounting platform nZero announced that it has raised $16 million, in a Series A funding round led by built environment technology-focused venture capital investor Fifth Wall, and a national US energy company.
Founded in 2021, nZero offres a near real-time carbon management and accounting platform, providing NGOs, government agencies and organizations with the ability to analyze, and manage carbon emissions across Scopes 1, 2 and 3 on a granular level, based on first-party data.
According to nZero CEO Adam Kramer, the platform has aggregated over 1 billion data points across across 12,000 buildings and 10,000 vehicles to date.
“We have a proven track record in providing the best near-real-time, granular data across all scopes of emissions, which business and government leaders can use for operational and capital planning, leveraging tax credits, and the evolving reporting standards.”
Jennifer Place, Principal on the Climate Technology Investment Team at Fifth Wall, said that the financing comes as nZero is experiencing “unprecedented growth from a global call for improved, more accurate ESG reporting.” Place added:
“We’re supporting a startup that is leveraging technology to transform how companies and governments plan and set climate goals and adjust operations accordingly to reach those goals. Truth through better data is the fundamental reason we are backing nZero.”
Additional investors in the funding round included Piedmont Capital Investments, Inc. with limited partner Henry Kravis, founder and co-chairman of KKR.
“Our next chapter will enable us to grow as a data authority and bring our tech platform to scale, deepening our work with Fortune 500 companies, municipalities, government agencies and NGOs.”