Climate tech startup BeZero Carbon has netted $50m (£42.4m) in a Series B investment for its voluntary carbon market scoring platform.
Voluntary carbon markets allow businesses or individuals to buy carbon credits to offset their emissions.
“Starting with carbon, effective ecosystem markets have huge potential to accelerate the Net Zero transition and generate economic prosperity,” said Tommy Ricketts, CEO and co-founder of BeZero Carbon.
“Developing the information infrastructure that allows these markets to take off is fundamental to their growth.”
The Series B proceeds will go towards a new location in Singapore and expanding its New York office.
London-based BeZero Carbon’s users through a subscription can get full project assessments, research insights, and risk tools. Its API can be used by companies such as marketplaces and exchanges to show BeZero Carbon data.
BeZero Carbon’s Series B was led by Quantum Energy Partners with support from EDF Pulse Ventures, Hitachi Ventures, Intercontinental Exchange, Molten Ventures, Norrsken VC, Illuminate Financial, Qima and Contrarian Ventures.
Jeffrey Harris, venture partner, Quantum Energy Partners, said: “Set to reach $50bn by 2030, the Voluntary Carbon Market will play a central role in the transition to Net Zero.
“BeZero Carbon has built the biggest ratings agency in the market, with an incredible team of experts that are leaders in their fields.”
The new investment brings the firm’s total funding to $70m (£59.5m) in the last 12 months.
Last week the startup hired ex-London Stock Exchange Group chief technology officer James Turck as its chief technology officer.