SME-focused software platform Sustain.Life, announced today it has raised $16 million in seed funding, aimed at enabling the company to build out its emissions data and reporting solutions and scale its user base.
Founded in 2021 by a team including former Walmart and Jet.com executives, Sustain.Life focuses on helping companies measure and manage their carbon emissions and environmental impact from internal operations and supply chains, and report their progress to customers, investors and employees. The company also provides tools for companies to ensure compliance with evolving reporting frameworks.
According to Sustain. Life, SMEs, which constitute a larger percentage of the market than the world’s largest corporations, often lack the resources to implement sustainability programs. The company is addressing this market need, making it more accessible for companies to launch carbon accounting and climate action programs, achieve net zero, and realize the business benefits of sustainability.
Alyssa Rade, Chief Sustainability Officer of Sustain.Life said:
“Together, small and medium-sized enterprises constitute a significant amount of the greenhouse gas emissions contributing to climate change. Today, most of these companies lack the expertise and resources to take climate action. Not only does inaction have negative consequences for the planet, it has negative business impacts for these companies too, including higher costs and greater risk.”
The investment round was co-led by venture capital fund Tapestry VC and Mike Hanrahan, Sustain. Life’s Co-Founder. Hanrahan previously co-founded Jet.com and helped lead Walmart’s acquisition of the site —then the biggest e-commerce acquisition deal of all time.
The round also saw participation from Active Impact Investments, Kompas, Agya Ventures and Seyen Capital.
“To solve climate change, humanity’s greatest threat, we need tools that enable more people and organizations to take meaningful climate action—and we need them quickly. Many major corporations have the resources to invest in sustainability initiatives, but most companies lack the resources to launch successful sustainability programs. That is why we set out to build a platform that would be more accessible from a usability and cost perspective.”
Patrick Murphy, Co-Founder and Managing Partner of Tapestry VC, added:
“The carbon accounting and offsets industry is shifting from a marketing exercise and cottage industry to a key bastion in the global fight against climate change. The Sustain.Life team has a unique insight on the problems real businesses have adopting climate accounting. Sustain.Life has created a unique solution that removes the intermediaries and enables companies of all sizes to put control of their carbon accounting back in their own hands.”