M&A: Carbon Accounting and Supply Chain Software Startups Lune and Gryn Merge

Gryn and Lune -- two supply chain software startups with carbon accounting expertise -- have merged to "build the intelligence network that connects, decarbonises, and optimises global supply chains," the firms said. Financial terms of the deal were not disclosed.

This is the latest in a growing list of M&A deals involving carbon accounting software companies.

In a LinkedIn update, Gryn and Lune explained the merger this way: "Gryn's expertise in shipment data collection and supplier engagement combined with Lune's granular & reliable CO₂ calculations and high-quality carbon solutions creates one powerful intelligence network connecting shippers and logistics providers across the globe."

Added Lune CEO Erik Stadigh: "We're building a future where supply chain intelligence is used to drive both decarbonisation and business performance at the same time."

Stadigh will run the combined business. Gryn CEO Oliver Ritzmann shifts to chief strategy officer & MD Germany at Lune.

Carbon Accounting Software M&A: Lune and Gryn Business Details

Lune, founded in 2020, is based in London, United Kingdom. Lune’s API and low/no code tools "enable companies to integrate emissions calculations and carbon removal into their existing products and services," the company asserts.

Gryn, founded in 2022, is based in Hamburg, Germany. The company's software allows customers to "collect, standardize, calculate and report Scope 3 transport related emission data."

This appears to be a small, strategic M&A deal. As of January 2025, Lune has 41 employees listed on LinkedIn, while Gryn has 12 employees listed.

Lune raised $4 million in 2022. Crane Venture Partners led the round with participation from 15 angel investors, the company said at the time. We don't know if Gryn raised third-party funding as part of its startup journey.

Together, Lune and Gryn serve over 100 customers -- including AstraZeneca, Puma, Philip Morris, JAS Worldwide, Flexport, and Forto.

Carbon Accounting Software M&A Activity and Market Growth Forecast

M&A activity involving carbon accounting software companies has been steady -- though in most cases we don't know if the deal valuations were strong.

On the upside: The Carbon Footprint Management Market is expected to reach $103.4 billion by 2034, up from $13.8 billion in 2024, according to Global Insight Services. That's a 22.3% compound annual growth rate (CAGR). Moreover, numerous market forecasts predict strong demand for sustainable IT solutions.

But on the downside: Dozens of climate tech startups in 2025 struggled to find new funding and new customers amid geopolitical headwinds.

Indeed, the U.S. federal government rolled back and/or abandoned various climate initiatives since President Donald Trump's second term began in January 2025. Moreover, the European Union softened various net zero regulations such as CSRD (Corporate Sustainability Reporting Directive).

As a result, many venture capitalists (VCs), private equity firms and angel investors have hesitated to fund existing or new climate tech startups. The geopolitical headwinds could force some climate tech businesses to shutter and/or sell their intellectual property at steeply discounted valuations.