RALEIGH – GreenPlaces, Inc. on Tueday announced a $13 million Series A funding round, with investment from Redpoint Ventures, as well as Felicis, Tishman Speyer Ventures, and Bull City Venture Partners. The company last announced $4 million in Seed funding in October 2022, provided by Felicis and Bull City Venture Partners.
With the new funding the company plans to boost its current workforce of 25 to 35 – or more – according to media reports.
Founded in Raleigh in 2021, GreenPlaces aims to “democratize sustainability” by providing a web-based sustainability software that tracks carbon emissions. The platform integrates with thousands of business tools, such as utilities, HR, and accounting platforms, to gather operational data that can help companies draw insights and plan for future reductions in their carbon footprint. The platform also offers support for crafting company sustainability policies and sharing data with the public and regulating bodies.
According to the GreenPlaces announcement, the mass market now contributes to more than 83% of global emissions, a staggering 39 billion tons of CO2e. Alex Lassiter, Founder & CEO of GreenPlaces, says business leaders are dealing with declining profitability and ESG requirements.
“We built GreenPlaces to tie business and sustainability objectives together, making it easy for businesses to reduce their carbon footprint and increase their bottom line,” said Lassiter.
“We realized that businesses like Amazon, Starbucks, and Meta were achieving sustainability goals while also saving millions in operational efficiencies. Shouldn’t every business have access to these sustainable strategies?”
Investor Enthusiasm
Jason Caplain, a co-founder of Bull City Venture Partners, spoke about his reasons for investing in GreenPlaces a second time.
“Alex is a great accumulator of remarkable talent,” said Caplain in reference to the GreenPlaces team. “[And] what’s great about this one too for us is, not that we’re always investing in mission-driven companies, but this is solving a problem that we all deeply care about as well. So it’s exciting to shoot for a great return and build a world-class company here in the Raleigh Durham area, but do some good while we’re investing too.”
Other investors shared Caplain’s views on the team and their mission.
“Alex and the GreenPlaces team have shown unparalleled customer empathy, which we believe to be a huge competitive advantage in meeting the needs of a customer set who has historically been misunderstood and ignored by Silicon Valley,” said Meera Clark, Principal at Redpoint Ventures.
“Their customized reporting and tailored carbon reduction playbooks are features that every modern company needs, said Viviana Faga, General Partner with Felicis. “We’re thrilled to support Alex and the team in their efforts to create a world where all businesses prioritize sustainability with GreenPlaces.”
