Sweep’s approach to carbon management through a network enables corporations to reduce carbon emissions across their global supply chains.

Sweep, a carbon management platform for large enterprises, recently announced raising $73 million in Series B funding led by Coatue. This funding comes just three months after its $22 million Series A round, and other investors include Tony Fadell’s Future Shape fund, Balderton Capital, New Wave, La Famiglia, and 2050. Sweep’s platform helps large enterprises build science-based and data-driven climate programs to reach their carbon goals.

Sweep’s approach to carbon management, which involves creating a network, allows corporations to reduce their carbon footprint across their global supply chains. It measures, tracks, and reduces emissions in one place while increasing environmental compliance and anticipating the costs and risks associated with climate change. Sweep currently works with multinationals such as Saint Gobain and JCDecaux.

Sweep’s CEO and co-founder, Rachel Delacour, emphasized the urgent need for corporations to leverage technology to climate-proof their supply chains and prepare for a low-carbon economy. She believes that the latest funding round, which raised $73 million, will allow Sweep to scale its platform’s capacity to help more companies build climate-resilient strategies that meet their targets quickly and cost-effectively.

Coatue’s founder, Philippe Laffont, expressed his belief that companies need science-based solutions to power their climate commitments. He sees Sweep as a leading technology in this competitive landscape, effectively supporting sustainability efforts from measuring and target-setting to reducing and reporting.

Tony Fadell, Nest founder and Principal at Future Shape, who also participated in the funding round, praised Sweep’s carbon accounting platform for making the invisible visible. He acknowledged the team’s dedication in building a suite of SaaS tools that help customers quickly visualize their Scope 1-3 CO2 emissions, allowing them to meet their ESG targets while also reaping the economic benefits of going green.

According to a recent report, Sweep claims that only 10% of the 55 largest US corporations are successfully and consistently reducing emissions throughout their entire organizations. However, this trend is expected to shift with the SEC’s proposed disclosure rules, which would require thorough annual emission and climate risk reporting.

Sweep’s innovative approach to carbon management is recognized internationally through their participation in the World Bank’s Carbon Pricing Leadership Coalition and as a founding member of Climate Dividends. Their platform allows large enterprises to create climate-resilient strategies that meet their targets quickly and cost-effectively. With the recent injection of funds from their successful funding round, Sweep will be able to expand its platform’s capabilities and help even more companies achieve their carbon goals, contributing to a low-carbon economy.