The carbon accounting and management platform Persefoni now has $9.7 million more in funding to support its international expansion, product development and recruitment efforts.
The round, led by Rice Investment Group with participation from NGP ETP, the electricity, renewable and sustainability-focused investment arm of the oil and gas and power focused investment fund NGP, comes only about six months after the startup's initial launch in August.
Founded only last January, Persefoni touts its tools to assemble, calculate, manage and report organizational carbon footprints.
The company's software promises real-time reports on scope 1 through 3 emissions (these are emissions generated by a company's direct operations, its purchases of power and the emissions of its suppliers).
“On the back of a banner year of net-zero commitments from governments, asset managers, and organizations the world over, we saw the venture and software investor communities wake up to what is the formation of the largest regulatory compliance software market since the introduction of Sarbanes Oxley”, said Kentaro Kawamori, CEO and co-founder of Persefoni, in a statement. “We applaud the efforts of financial regulators around the world who are implementing carbon and climate disclosure requirements. Such regulation is one of the most impactful ways to get companies accounting for, and reducing, their carbon footprint.”
Private equity firms like TPG are signing on to Persefoni's service and Greg Lyons, a principal at NGP will be taking a seat on the company's board of directors.
Additional investors in the company include the Carnrite Group and Sallyport Investments.
“Sallyport looks to partner with high-growth companies with an aim of making a meaningful industry impact,” said Doug Foshee, founder and owner of Sallyport Investments, in a statement.
Boosting the company's environmental, social and corporate governance bona fides is the addition of Robert G. Eccles, the founding chairman of the Sustainability Accounting Standards Board, to Persefoni's board of advisors.