Sustainability/News/ Carbon accounting startup Plan A raises $10m six months after seed HV Capital and Keen Venture Partners coled the deal By Eleanor Warnock 3 November 2021 Nathan Bonnisseau (and Lubomila Jordanova, founders of Plan A Nathan Bonnisseau (and Lubomila Jordanova, founders of Plan A \Sustainability How startups can usher in the circular economy By Sifted 21 February 2023 Sustainability/News/ Carbon accounting startup Plan A raises $10m six months after seed HV Capital and Keen Venture Partners coled the deal By Eleanor Warnock 3 November 2021 Berlin-based carbon accounting startup Plan A said on Wednesday that it had raised a $10m Series A, just half a year after raising a seed round. That makes it the second best-capitalised European company building such a technology, according to Dealroom data. The round was co-led by HV Capital and Keen Venture Partners. Previous investors Demeter IM and coparion also participated; SoftBank, which participated in the previous round, did not take part though the company confirmed they were still on the cap table. “We have experienced a brutal acceleration of the market we operate in,” chief executive Lubomila Jordanova says. “With the confluence of the pandemic (and its slowing down), the evolution of financial and non-financial reporting frameworks and the acceleration of the carbon and ESG accounting market, we have seen an opportunity to seize and a necessity to accelerate our growth.” “We have experienced a brutal acceleration of the market we operate in” Plan A is one of many startups building on the back of increased demand from corporates seeking to track, report and ultimately reduce their carbon emissions. Notable funding rounds in Europe this year include a $7.8m raise by Sylvera, a startup that vets carbon offsetting solutions, a $5m funding injection for French carbon-tracking startup Sweep, and UK carbon measurement and removal platform Supercritical’s $2.75m round, led by LocalGlobe. The best capitalised European company in the same sector is France-based EcoVadis, which provides sustainability and ESG ratings, according to Sifted analysis and Dealroom data. Plan A sells its carbon footprint tracking and ESG monitoring software to enterprise customers. Its clients range from big corporates like BMW and Société Générale to fast-growing startups like on-demand grocery startup JOKR. Plan A says that it will use the capital to improve its software offering. “Our plan is to become a fully global company in the next two to three years,” says Jordanova. “We support companies that operate in multiple countries and that need a great level of service and accuracy for each of their markets. We plan on opening antennas promptly to support this goal. Opening a new office in London is our next step, and we will keep expanding from there.” Plan A also helped found the Greentech Alliance in 2020, an alliance of greentech companies, advisors and partner organisations. Eleanor Warnock is Sifted’s commissioning editor. She tweets from @misssaxbys Related Articles The 36 most promising impact startups in Europe (according to investors) By Mimi Billing Click here to read more Tech Nation launches its first programme for sustainability scaleups Supported by Tech Nation Net Zero Click here to read more How sustainable are secondhand fashion marketplaces? By Kai Nicol-Schwarz Click here to read more What does the ESG reckoning mean for VC? By Freya Pratty Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?