The market is heating up for startups that monitor carbon emissions.
According to PitchBook data, $356 million venture dollars poured into carbon accounting startups last year. If investment trends reign true, that number is set to continue growing.
NYC-based Sustain.Life is the latest startup in the sector to gain investment after raising $16 million in seed funding.
The raise, announced on Monday, was co-led by Tapestry VC and Sustain.Life co-founder, Mike Hanrahan. The startup plans to use its fresh funds to scale its current product offerings and build out its customer base.
Sustain.Life’s SaaS technology helps small-medium sized businesses monitor and track their carbon footprint. Companies who partner with Sustain.Life can manage their emissions through operational changes across areas like energy, water or waste and report their progress to customers, investors and employees.
Carbon monitoring technology, according to the company, is often a must-have for large companies, while small-medium sized businesses can sometimes lack access to the ability to access it. Sustain.Life aims to make accessing its carbon footprint monitoring tech affordable and easy to use.
“To solve climate change, humanity’s greatest threat, we need tools that enable more people and organizations to take meaningful climate action—and we need them quickly,” Hanrahan said in a statement. “Many major corporations have the resources to invest in sustainability initiatives, but most companies lack the resources to launch successful sustainability programs. That is why we set out to build a platform that would be more accessible from a usability and cost perspective.”
So far, Sustain.Life has customers in a wide range of sectors such as CPG food and beverage, electric vehicles, and fintech.
While there are no set plans for allocating a portion of funding to hiring, Sustain.Life has nine job openings available, a bulk of which are engineering roles.
