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Sustainability Software Funding: nZero Raises $16 Million for Carbon Management Platform

April 19, 2023 by Joe Panettieri

nZero, which develops a cloud-based carbon management and accounting software platform, has raised $16 million in Series A funding. Fifth Wall led the round. Additional investors include Piedmont Capital Investments with limited partner Henry Kravis, founder and co-chairman of KKR.

Adam Kramer, CEO, nZero

nZero, based in Reno, Nevada, and Luxembourg, was founded as Ledger8760 in 2017. The company had 84 employees listed on LinkedIn as of April 2023. As of that time, nZero apparently had not yet announced a partner program for sustainability and ESG consultancies.

nZero's services became commercially available in April 2021. The software allows customers to sync automatically, analyze, and manage carbon emissions across Scopes 1, 2 and 3 on a granular level, ultimately pairing financial and emissions data and insights that "empower true business change," the company asserts.

Ahead of the Series A funding, Key nZero executive hires included Meta (Facebook) veteran Will Gradin as chief product officer in early 2023, and Salesforce veteran Susane Berger as chief revenue officer (CRO) in late 2022.

Carbon Accounting Software Platform Funding: Executive Perspectives

Describing the Series A funding, nZero CEO Adam Kramer said: "We have a proven track record in providing the best near-real-time, granular data across all scopes of emissions, which business and government leaders can use for operational and capital planning, leveraging tax credits, and the evolving reporting standards. Since our inception, we've aggregated more than 1 billion data points across 12,000 buildings and 10,000 vehicles, all being tracked by nZero, and this is just the beginning of our upwards trajectory. Our next chapter will enable us to grow as a data authority and bring our tech platform to scale, deepening our work with Fortune 500 companies, municipalities, government agencies and NGOs."

Jennifer Place, principal, Climate Technology Investment Team, Fifth Wall

Added Jennifer Place, principal on the Climate Technology Investment Team at Fifth Wall: "nZero is experiencing significant tailwinds and, in turn, unprecedented growth from a global call for improved, more accurate ESG reporting. Their market-leading team is setting the new industry standard for how energy, financial, and greenhouse gas emissions data is tracked and managed across the public and private sectors. We're supporting a startup that is leveraging technology to transform how companies and governments plan and set climate goals and adjust operations accordingly to reach those goals. Truth through better data is the fundamental reason we are backing nZero."

Demand for carbon accounting software appears strong. But the market for such software platforms also is getting crowded. For a list of potential nZero rivals, see our Sustainability Partner Program guide.

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