Total amount raised
$81.5 Million
Latest funding date
09/01/2022
Location
Patch has successfully navigated four funding rounds, with the latest being a Series B round led by Energize Capital. The company is backed by a diverse group of 16 investors, including AENU and Blue Impact Ventures.
Patch's platform is dedicated to scaling unified climate action through carbon credits and other climate solutions. Keep reading to explore the intricacies of Patch's fundraising journey and the investors backing this innovative platform.
What Is Patch?
Patch is a private company based in San Francisco, California, specializing in enterprise software, environmental consulting, renewable energy, and software. The company has between 51-100 employees and focuses on building infrastructure for a climate-positive economy, starting with an API for carbon removal.
Patch's platform centralizes the global carbon market, providing access to data, expert advice, and carbon credit inventory. The company aims to help businesses align their goals with climate objectives by offering a comprehensive view of the carbon market, including project information, pricing, and availability.
How Much Funding Has Patch Raised?
- Pre-Seed Round
- Amount Raised: USD 1,200,000
- 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 platform for unified climate action.
- Seed Round
- Amount Raised: USD 4,500,000
- Date: February 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and scale the platform for unified climate action.
- Series A Round
- Amount Raised: USD 20,750,000
- Date: September 2021
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue the development and expansion of Patch's carbon offsetting technology and services.
- Series B Round
- Amount Raised: USD 55,000,000
- Date: September 2022
- Lead Investors: Energize Capital
- 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 to deliver significant climate impact globally.
Total Amount Raised: USD 81,450,000. Current Valuation: Not publicly disclosed.
Key Investors
- Energize Ventures
- Details: Energize Ventures focuses on digital solutions for energy and sustainable industries. Founded in 2016, it is backed by strategic and institutional LPs like CDPQ, Invenergy, Schneider Electric, General Electric, and Caterpillar.
- Investment Focus Areas: Renewable energy, climate technology, sustainability.
- Notable Investments: Aurora Solar, Volta Charging, DroneDeploy.
- Coatue Management
- Details: Coatue Management is a global investment firm known for its focus on technology-driven companies. It has invested in some of the most prominent tech companies worldwide.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: DoorDash, ByteDance (TikTok), Snap Inc.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a well-known venture capital firm with a broad portfolio in tech. It invests in technology companies across various stages.
- Investment Focus Areas: Technology, software, fintech, bio + healthcare, consumer sectors.
- Notable Investments: Facebook, Airbnb, Lyft, Coinbase.
- B Capital Group
- Details: B Capital Group is a global firm that partners with BCG to support growth-stage companies. It focuses on technology-driven innovation across various sectors.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Bird, Ninja Van, Atomwise.
- GIC
- Details: GIC is Singapore's sovereign wealth fund, managing the country's foreign reserves. It invests globally across various asset classes.
- Investment Focus Areas: Global investments, various sectors.
- Notable Investments: Alibaba, Airbnb, SpaceX.
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 a broader technology footprint, embedding climate action into products and services through its enterprise-grade API. This expansion is bolstered by the increasing global demand for carbon credits and the growing importance of integrating climate action into business operations.
Future fundraising opportunities appear promising, given the substantial market potential and Patch's recent growth trajectory. The company may seek additional funding rounds to support its expansion and technological advancements, leveraging the strong backing from existing investors. However, Patch faces challenges such as navigating the fragmented and complex carbon credit infrastructure and ensuring transparency and scalability in the carbon market. Addressing these challenges will be crucial for Patch to maintain its momentum and achieve its ambitious climate goals.
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