Persefoni Raises $9.7 Million for Carbon Accounting Platform

Persefoni Secures $9.7 Million to Fuel Growth

Persefoni, a leading carbon accounting and management platform, has successfully raised $9.7 million in a new funding round. This capital injection will be utilized to accelerate its international expansion, enhance product development, and bolster recruitment initiatives.

Recent Funding and Investors

The funding round was spearheaded by Rice Investment Group, with significant participation from NGP ETP. NGP ETP is the investment division of NGP, concentrating on the electricity, renewable energy, and sustainability sectors.

This investment arrives approximately six months following the startup’s initial launch in August.

Company Overview and Core Functionality

Established in January of the previous year, Persefoni provides a suite of tools designed to facilitate the assembly, calculation, management, and reporting of an organization’s carbon footprint.

The platform’s software delivers real-time insights into scope 1, 2, and 3 emissions. These encompass emissions stemming from a company’s direct operations, its energy consumption, and the emissions generated throughout its supply chain.

Industry Context and Regulatory Landscape

“Following a year marked by substantial net-zero pledges from governments, asset managers, and organizations globally, we’ve observed a growing awareness within the venture capital and software investment communities,” stated Kentaro Kawamori, CEO and co-founder of Persefoni.

“This signifies the emergence of a substantial regulatory compliance software market, comparable in scale to the one created by Sarbanes-Oxley.”

Kawamori further emphasized the importance of carbon and climate disclosure regulations implemented by financial regulators worldwide, recognizing them as a crucial driver for companies to accurately account for and actively reduce their carbon emissions.

Key Partnerships and Board Appointments

Private equity firms, including TPG, are now utilizing Persefoni’s services. Greg Lyons, a principal at NGP, will join the company’s board of directors.

Other investors contributing to this round include the Carnrite Group and Sallyport Investments.

Investor Perspectives

Doug Foshee, founder and owner of Sallyport Investments, commented, “Sallyport prioritizes partnerships with rapidly expanding companies that are poised to create significant positive change within their respective industries.”

Strengthening ESG Credentials

Persefoni is further solidifying its commitment to environmental, social, and corporate governance (ESG) principles with the addition of Robert G. Eccles to its board of advisors.

Eccles is the founding chairman of the Sustainability Accounting Standards Board.