Patch, a San Francisco, CA-based platform that integrates with businesses to mitigate their carbon footprint through carbon removal projects, raised $4.5m in seed funding.
The round was led by Andreessen Horowitz, with participation from VersionOne, Pale Blue Dot, and Maple VC.
The company, which has raised $5.7M to-date, intends to use the funds to continue to expand operations and its business reach.
Patch has developed a carbon removal platform that allows businesses to both calculate their carbon footprint and find corresponding carbon removal projects to address unavoidable carbon emissions. Using Patch, businesses can purchase negative emissions from projects that specialize in concrete mineralization, direct air carbon capture, improved forest management, biochar, and more.
The company’s API, which contains pre-written code that can integrate directly into a company’s own website, also makes it possible for businesses to integrate Patch’s varying carbon removal features directly into the user experience on their own business platforms. For instance, the API can track business flights of company employees, recommending and facilitating the purchase of carbon removal to the businesses that employ them. Patch’s algorithm takes into account length of trips and modes of travel or delivery (i.e. plane, car) to calculate the amount of carbon that needs to be neutralized. An integrator can then embed a pre-selected portfolio of projects as an option to remove that carbon, or allow their end users to browse the full menu of projects on the network and select their preferred project.
As of today, Patch has 11 carbon removal suppliers on their platform, with 10 more planned to onboard in Q1. Listing on Patch, suppliers can provide continuous distribution of their services, tapping into recurring orders via the companies that use the Patch API. Patch provides the software to streamline portfolio creation.
FinSMEs
24/02/2021