Carbon accounting startup Plan A raises $27 million funding round

Plan A, a European corporate carbon accounting and ESG reporting software provider, closed a $27 million round led by Lightspeed Venture Partners with Visa and Deutsche Bank participating. Rising investment in automated Scope 1-3 and compliance software signals the growing market for decarbonisation tooling that Indian companies facing BRSR reporting can leverage.

Plan A, a European provider of corporate carbon accounting, decarbonisation, and ESG reporting software, closed a $27 million funding round led by Lightspeed Venture Partners, with participation from Visa, Deutsche Bank, Opera Tech Ventures (BNP Paribas's venture arm), and unicorn founders from Supercell, Aiven, Zalando, and Wolt. Existing investors including HV Capital, Keen Venture Partners, Demeter IM, and Coparion also took part. Plan A serves over 1,500 clients and reported software revenue growth of over 600% year-over-year from December 2021 to 2022.

The funding affects companies managing decarbonisation and ESG compliance through Plan A's science-based SaaS platform, which automatically gathers data across Scopes 1, 2, and 3, combines national emission factors, and generates regulation-compliant ESG reports. It enables firms to set science-based net-zero targets and access over 1,000 decarbonisation solutions and a network of service providers. The platform targets the fragmented regulatory landscape, making compliance more manageable, less complex, and cost-effective for businesses pursuing net-zero emissions.

Plan A will use the capital to double its workforce to over 240 employees, expand in Europe with focus on France, the UK, and Scandinavia, and enhance decarbonisation tools, Scope 3 coverage and actionability, and alignment with regulatory policies. Companies seeking automated emissions accounting and ESG reporting can monitor these platform enhancements, particularly improved Scope 3 actionability and regulatory alignment, as demand grows for tools that simplify deep decarbonisation and compliance in a fragmented landscape.

Key figure — Funding raised: $27 million led by Lightspeed Venture Partners