Greenly: Inside the Carbon Accounting Company Backed by Fidelity and HSBC

Greenly sells software that automates the measurement and reporting of greenhouse gas emissions for companies that lack the resources to do it manually. The Paris-based startup, founded in 2019, has raised $78m in venture funding and says it now serves 3,500 clients across 25 countries.

The platform works by pulling data from the financial and operational systems a company already uses. Accounting exports, utility bills, freight records and cloud computing usage feed into Greenly’s calculation engine, which maps them to more than 300,000 emission factors aligned to the GHG Protocol, ISO standards and SBTi frameworks. The result is a Scope 1, 2 and 3 emissions report without the manual surveys or consultant engagements that mid-market companies typically rely on.

That integration-first approach is central to Greenly’s pitch. Rather than asking companies to collect emissions data separately, the platform derives it from systems they already maintain. The company says most clients can begin tracking emissions within weeks rather than the months typically required for a manual carbon assessment.

Chief executive Alexis Normand founded the company alongside Matthieu Vegreville and Arnaud Delubac. Normand has described the company’s goal as making emissions monitoring “as routine as overseeing financial health,” with a focus on companies that do not have dedicated sustainability teams.

Greenly raised $52m in a Series B round in March 2024 led by Fidelity International Strategic Ventures, with participation from Benhamou Global Ventures, Move Capital, Hewlett Packard Enterprise and HSBC. Returning investors XAnge and Energy Impact Partners also contributed. Brian Halligan, co-founder of HubSpot, invested in the round. A previous $23m Series A was co-led by Energy Impact Partners and XAnge.

The company claims integrations with more than 100 business applications. Named clients include BNP Paribas, AXA and L’Oreal, alongside the smaller firms that make up the bulk of the platform’s user base. The mix of enterprise names and mid-market volume reflects Greenly’s strategy of using large-company relationships for credibility while building recurring revenue from the long tail of smaller businesses.

Greenly sits in a sector that grew rapidly through 2022 and has since contracted. European carbon accounting startups attracted $860m in venture funding that year, according to Net Zero Insights. By 2023 the figure had fallen below $300m. The decline reflected both a broader pullback in climate tech investment and growing questions about how quickly the market for carbon accounting software would mature.

Competitors include France’s Sweep, which raised $73m in a 2022 Series B, and Germany’s Plan A. At the enterprise end, Persefoni and Watershed target larger organisations with more complex reporting requirements. Incumbent ERP vendors and audit firms have also begun building or acquiring carbon reporting capabilities of their own.

Greenly’s positioning is the other end of that market. The company targets SMEs and mid-market firms, particularly those facing emissions reporting obligations from customers, investors or regulators.

The EU’s Corporate Sustainability Reporting Directive initially brought thousands of companies into mandatory reporting scope. The Omnibus I directive, published in February 2026, narrowed that scope to companies with more than 1,000 employees and €450m in turnover. Large companies remaining in scope still require emissions data from their supply chains, however, and those supply chains are composed largely of the mid-market firms Greenly serves. The company has framed supply chain disclosure as the primary growth driver for its segment of the market.

The company has expanded its product beyond company-level carbon accounting. It now offers life cycle assessments, which calculate the carbon footprint of individual products across their full supply chain. These assessments traditionally take weeks or months when conducted manually, requiring companies to tally materials and energy usage alongside that of their suppliers. Greenly says its automation compresses that process.

“In some industries, it is more and more of a requirement,” Normand has said. “In the manufacturing space, you can’t sell to General Motors or Ford without giving the carbon footprint of every single spare part.”

Greenly has also built tools for sustainable procurement, allowing businesses to score and engage suppliers on their emissions performance. The feature connects to the company’s broader thesis: that supply chain disclosure obligations will create downstream demand for carbon data even among companies not directly subject to reporting mandates. If that thesis holds, the mid-market companies Greenly already serves become both the customers and the data sources for a larger disclosure ecosystem.

The company employs roughly 250 people and operates from Paris with commercial reach across Europe and the United States. It holds B Corp certification. Alongside the software, Greenly offers dedicated climate experts to its clients, with more than 70 climate professionals working across the client base. The hybrid model of software and advisory is designed to help companies that are new to emissions reporting build internal capability rather than depend on the platform indefinitely.

That model reflects a deliberate choice. Many of Greenly’s target clients have never conducted a carbon assessment before and need guidance on interpreting the data, not just collecting it. The company’s climate experts help clients set reduction targets, build action plans and prepare for reporting requirements as they evolve.

Greenly competes in a market where no single vendor has established dominance. The company arrived early, priced for the mid-market and built its product around the financial data companies already generate. As the regulatory and commercial landscape around carbon reporting continues to develop, Greenly is betting that accessibility and automation will matter more to mid-market buyers than the enterprise features its larger competitors offer. With $78m in funding and a client base that spans 25 countries, the company has the capital and the footprint to test that thesis at scale.