European business decarbonisation platform company attracts $27M funding to scale

Climate Journal reporting — Fri, 22 Sep 2023 12:54:02 +0000

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Climate Innovation

Investment

Carbon Management

Business

Topic

Carbon Management

Greentech company Plan A, a corporate carbon accounting, decarbonisation, and ESG reporting software provider, raised $27M in a round led by Lightspeed Venture Partners due to its significant growth and innovative carbon data processing technology.

Known for leading the way in corporate carbon management, the enterprise already had prominent clients such as BMW, Deutsche Bank, Visa, trivago, and KFC, among others, using their digital sustainability platform to reduce and offset carbon emissions.

“The strength and flexibility of their platform truly has the capabilities to drive change and impact within organisations from across any sector and on a global scale, and to guide organisations both small and large on a holistic decarbonisation journey,”

said Julie Kainz, Partner at Lightspeed Venture Partners regarding their choice to back Plan A growth plans.

Lubomila Jordanova, CEO of Plan A, (left) and Julie Kainz, Partner at Lightspeed Venture Partners (right). Image: Plan A

Businesses are yet to meet the legally binding target of net zero greenhouse (GHG) gas emissions by 2050 set in The European Climate Law, with the recent addition of reaching at least a 55% reduction by 2030 compared to levels in 1990.

The fresh capital will further propel Plan A expansion in European markets, primarily focusing on France, the UK, and Scandinavian countries, while they aim to double their headcount and advance the platform’s features.

Lubomila Jordanova, CEO of Plan A adds:

“It's our mission at Plan A to provide made-to-measure software solutions and services to empower large and complex companies to decarbonise their operations and value chains and respond to the regulatory shift.”

This investment will enable the company to further its mission to empower many more businesses to self-manage their net-zero journey using its end-to-end SaaS platform.

One of the unique characteristics of this fully automated digital solution is that it operates based on integrating internationally recognised methodologies and standards, such as the Greenhouse Gas Protocol and the Science Based Targets initiative (SBTi), making it a credible and reliable tool for companies to navigate sustainability reporting and implementations.

The Berlin, Paris, and London-based company was founded in 2017 to develop an end-to-end software solution from data collection over emissions calculation, target setting, and decarbonisation planning to non-financial reporting in one central hub.

Jordanova states that “climate change and the associated impacts pose an existential risk to businesses,” and with Plan A, they strive to empower large and complex companies to decarbonise their operations and value chains and respond to changes in regulations.

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