Watershed, an enterprise sustainability platform, has announced that it has raised $100 million in a Series C funding round.
This fundraising, it was shared, brings its valuation to $1.8 billion, meaning it has secured the top spot as the most valuable climate software company in the world.
The financing was led by Greenoaks, with participation from existing investors, including Kleiner Perkins, Sequoia Capital, Elad Gil, Emerson Collective, Galvanize Climate Solutions, Neo, and others.
The new funding is set to go towards granular emissions measurement, audit-ready sustainability reporting, and decarbonisation solutions.
Watershed, whose customers include companies like Airbnb, Carlyle Group, Everlane, YETI, and BBVA, was founded in 2019 and has the 2030 goal of reducing or removing 1 per cent of annual global emissions.
Watershed co-founder Taylor Francis commented: “Corporate climate action is accelerating. Companies of all sizes and sectors are making sustainability a board-level priority, and we are supporting them as they work to measure, report, and reduce their emissions. This new investment will bolster our mission to accelerate the climate economy.”
Meanwhile, Neil Mehta, Managing Partner at Greenoaks, said: “Carbon measurement and climate disclosures are shifting quickly from optional to mandatory. We believe Watershed has emerged as the clear market leader, with a sophisticated data engine that is already best-in-class and gets even better with scale. That is why they have become the first choice for the world’s largest and most complex enterprises, who trust Watershed to measure rigorously, report accurately, and act decisively. We are delighted to partner with the Watershed team as they pursue this urgent and important mission.”
