$10 Million Fundraise for Supply Chain CO2 Cuts
Illustration: Sarah Grillo/Axios
Read: Interview with Alex Gershenson re: InvestShift / SupplyShift
SupplyShift, a company founded by two climate scientists that seeks to help companies reduce their supply chain emissions, has raised $10 million.
Driving the news: As more companies make far-reaching emissions reduction goals, they can quickly run out of opportunities to limit direct emissions from their offices, stores and shipping.
Addressing supply chain emissions, which can be a complex, global task, is therefore getting increased attention, with firms like SupplyShift creating software to help companies quantify them.
The company already engages with a network of suppliers numbering close to 100,000, which are located in 136 countries, Alex Gershenson, CEO and co-founder, told Axios.
Details: The new funding is led by Buoyant Ventures with participation by HSBC, Impact Engine, AiiM Partners, Working Capital, Valuestream Ventures, and Supply Chain Ventures.
"One of the things that always surprised me, in the beginning, was how little companies knew about who their suppliers actually are," Gershenson said, noting that the firm's process includes a discovery phase.
SupplyShift, which has about 60 employees, continues to build a network of buyers and suppliers who it provides with insights on carbon emissions and other factors.
Other startups are active in this space, including Sweep, which announced a $22 million Series A last week, though it is especially active in Europe, compared to SupplyShift's U.S. focus.
Content from AXIOS