Total amount raised
$81.5 Millions
Latest funding date
09/01/2022
Location
Patch has successfully raised $55 million in a Series B funding round, with backing from investors such as AENU and Blue Impact Ventures. The company is dedicated to building infrastructure for a climate-positive economy, starting with an API for carbon removal.
Keep reading to explore the intricacies of Patch's fundraising journey and the investors backing this innovative platform.
What Is Patch?
Patch, founded in 2020 by Aaron Grunfeld and Brennan Spellacy, is headquartered in San Francisco, California. The company focuses on building infrastructure for a climate-positive economy, starting with an API for carbon removal. With a team of 51-100 employees, Patch aims to make carbon removal as simple as writing a few lines of code.
How Much Funding Has Patch Raised?
- Pre-Seed Round
- Amount Raised: $1.2M
- Date: March 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Patch's API for carbon removal.
- Seed Round
- Amount Raised: $4.5M
- Date: February 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the API for carbon credits.
- Series A
- Amount Raised: $20.8M
- Date: September 2021
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the customer base.
- Series B
- Amount Raised: $55M
- Date: September 2022
- Lead Investors: Energize Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support hiring, growth into new markets, and the development of an expanding technology footprint.
Total Amount Raised: $81.5M
Current Valuation: Not publicly disclosed
Key Investors
- Energize Ventures
- Details: Energize Ventures is a global alternative investment manager focused on accelerating digital transformation in energy and sustainability. Founded in 2016, they have funded 22 companies to date.
- Investment Focus Areas: Digital transformation in energy, sustainability.
- Notable Investments: Volta Charging, Aurora Solar.
- Coatue Management
- Details: Coatue Management is a global investment firm known for its investments in technology, media, and telecommunications. They have a strong track record in backing high-growth companies.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Snap, DoorDash, ByteDance.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a prominent venture capital firm based in Silicon Valley, known for investing in early-stage and growth-stage technology companies. They have backed some of the most successful tech startups.
- Investment Focus Areas: Technology, fintech, e-commerce, enterprise software.
- Notable Investments: Facebook, Airbnb, Lyft.
- B Capital Group
- Details: B Capital Group is a global multi-stage investment firm that partners with extraordinary entrepreneurs to shape the future through technology. They focus on transformative technology companies.
- Investment Focus Areas: Technology, future-shaping ventures.
- Notable Investments: Bird, Atomwise, Ninja Van.
- GIC
- Details: GIC is a global investment firm established to manage Singapore's foreign reserves. They invest across a wide range of asset classes and sectors.
- Investment Focus Areas: Technology, sustainability, broad investment focus.
- Notable Investments: Alibaba, Airbnb, Ant Financial.
What's Next for Patch?
Patch stands at the cusp of significant opportunities, driven by the burgeoning voluntary carbon market projected to reach $100 billion by 2050. The company is poised to expand into new markets and develop its technology footprint, facilitating impactful transactions on the carbon market. This growth is underpinned by the increasing global demand for carbon credits and the need for businesses to integrate climate action into their operations.
Future fundraising opportunities appear promising, with continued support from existing investors like Coatue Management and Andreessen Horowitz. The potential for new investors to join future funding rounds is high, given the market's projected growth and Patch's expanding role. This financial backing will be crucial for scaling operations and technology development.
However, Patch faces challenges such as navigating the fragmented and complex carbon credit infrastructure and ensuring transparency and scalability in the market. Addressing these issues will be vital for Patch to maintain its growth trajectory and meet global climate goals.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Patch and gather other critical business insights. Sign up for free and start making data-driven decisions today.
