Climate Change

02 Feb 2024

Climate Software Firm Watershed Raises $100 Million in New Funding Round

02 Feb 2024  by reuters   
Climate software company Watershed has raised $100 million in a Series C funding round led by investment firm Greenoaks, valuing the company at $1.8 billion.

Sequoia Capital, Kleiner Perkins, and Galvanize Climate Solutions also participated in the round, the company said on Thursday.

Watershed, which works with companies that range from Cheerios maker General Mills (GIS.N), opens new tab to private equity firm Carlyle (CG.O), opens new tab, said it would be redoubling its investment in Europe with the new funding.

Regulators and lawmakers have been pushing businesses to make more detailed climate disclosures as they seek to cut greenhouse gas emissions.

California framed new laws last year requiring companies active in the state to reveal more about their carbon footprint starting in 2026.

"Carbon measurement and climate disclosures are shifting quickly from optional to mandatory," Greenoaks managing partner Neil Mehta said in a statement.

The company will also invest in delivering granular emissions measurement and audit-ready sustainability reporting for its customers.

Founded in 2019, Watershed makes software that helps companies measure and reduce their greenhouse gas emissions.

Watershed was valued at $1 billion in February 2022 when it raised $70 million in its Series B funding round. Its investors also include former U.S. Vice President Al Gore.


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