Sam Gill and Allister Furey.
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UK climate fintech Sylvera raises $57m Series B
Sylver wants to help companies and governments hit ‘net zero’ targets by 2050 by providing data on global carbon projects and credits.
Sylvera, a London-based fintech founded just three years ago, has raised a $57m Series B funding round.
A number of high-profile investors have lined up for Sylvera’s latest round including Balderton Capital, who led the round, alongside existing investors Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, and LocalGlobe, and new investors Fidelity Strategic Ventures and 9Yards Capital.
Founded in 2020 by Allister Furey and Sam Gill, Sylvera helps companies meet their 2050 ‘net zero’ goals by investing in international carbon markets.
A central thesis is companies will fail to achieve these goals if they don't at least double the pace of emissions reduction by 2030 and that emissions cannot be currently eliminated in full; therefore companies will need to offset them against other initiatives.
Sylvera’s data help measure and benchmark progress against targets by rating the impact of carbon credits.
Since its last funding round in January 2022, when it raised a $32m Series A round, it has seen a sevenfold growth in its customer base.
The new cash will be used for international expansion into the US, where it has opened a New York office and will double its US team from its current size of 12 by the end of 2023. It will also make further investments in its UK engineering and product teams.
"There is a serious lack of data to demonstrate progress against net zero targets and to prove that carbon emissions are actually being reduced or removed from the atmosphere. This uncertainty has created inaction–Sylvera is changing that," said Allister Furey, CEO and co-founder of Sylvera.
"Our technology ensures funding is going to the projects, companies, and countries having maximum climate impact to get the world on track for net zero. In time, this data will create much-needed financial incentives, such as higher share prices and cheaper borrowing, for organizations taking serious net zero action," he said.
