We’re excited to announce that we’ve raised $20.75m in Series A funding, which will help us continue on our mission of removing carbon from the atmosphere at giga-tonne scale. The investment was led by Coatue Management and our existing venture investors Andreessen Horowitz, VersionOne, and Pale Blue Dot also contributed to the round.
Why did Coatue invest?
"We are excited to back Patch as they work to build the infrastructure layer for Net Zero,” said Caryn Marooney, General Partner at Coatue, who is joining our board. “We think Patch’s unique API-first approach enables them to combine ease of use with supply aggregation. Our hope is that this enables more brands to begin the path to offsetting their carbon footprint.”
We couldn’t be more excited to welcome Caryn to the board as we know she’s going to be a huge asset to Patch as we continue to scale. We’d also like to extend a warm welcome to the Patch family to the rest of the folks at Coatue.
The importance of our mission is clear. The recent 2021 IPCC report underscored that we must all collectively invest in large-scale carbon removal to mitigate climate catastrophe. We launched in 2020 in order to democratize access to carbon removal for companies of all sizes and make this collective investment feasible. In sectors ranging from logistics and fashion to financial services and cryptocurrency, companies embed Patch-powered carbon removal into their digital products and services to measure and offset the emissions generated by transportation of goods, travel, or computation power required by crypto mining.
While we still have a long way to go on our journey to giga-tonne scale carbon removal, we’ve made exciting progress to date. Since the beginning of the year, we tripled our supplier network, giving businesses streamlined access to over 40 projects.
Demand for high quality carbon offsets and removal is strong. We have doubled our customer base in 2021 and are now working with high-profile companies from a wide range of industries such as Persefoni, Sendoso, Purpose Investments, Palm, and Trafi.
We’ve also unearthed some interesting stats from our customer base: Prior to using Patch, 98% of our customers had never invested in carbon removal before and 60% did not have a pre-existing environmental sustainability program in place. 62% of our customers are using our API to embed carbon removal into their digital products and experiences.
One such company is Persefoni, a leading carbon accounting and footprint management software provider:
“Patch is the best in the business when it comes to a technology-led approach to offset transactions and accessibility across a wide and trusted set of offset and carbon removal providers,” said Kentaro Kawamori, CEO of Persefoni. “I have no doubt that they'll be a key part of the digital infrastructure of the new energy economy. Their API provides a critical service to ClimateTech players like Persefoni, but, importantly, also non-climate related businesses, to be able to vertically integrate their services to include offset transaction capabilities."
We’re excited by our growth to date, but we are still just in the early days of our climate journey. We look forward to working with forward-thinking brands that are building innovative climate features and tackling their own corporate carbon footprints. If you’re thinking about adding a climate program to your offering or if you’re developing a cutting-edge carbon removal project, let’s chat!
The time is now. Join us.
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