Planet FWD, a carbon assessment startup, recently secured an investment of $10 million in a Series A funding round led by Acre Venture Partners and Congruent Ventures, bringing the company’s total funding to $16.8 million. The investment will be used to continue developing technology so that the $1.5 trillion consumer products industry can more accurately measure and reduce their carbon footprint.
Founded in 2019 by Zume Pizza co-founder Julia Collins, Planet FWD partners with consumer products companies to measure, reduce and neutralize carbon emissions. The startup has granted carbon neutral certification to brands including Simple Truth, Healthy Hippo, Kiki Milk and its own climate-friendly cracker line, Moonshot Snacks.
Dozens of other food and beverage companies, including Kashi, Just Salad, Numi Organic Tea, Toodaloo and Sweet Loren’s are using Planet FWD’s platform to advance their climate goals. And with a new climate disclosure proposal from the Securities and Exchange Commission (SEC), the company is expecting more demand in the pipeline.
So, how does it work? Planet FWD’s carbon management technology platform allows consumer brands to create a climate-friendly company and products more easily and report their carbon footprint. The company’s technology provides Greenhouse Gas (GHG) Protocol Scope 3 emissions modeling capabilities to help brands address the emissions along their supply chain.
For example, if a brand wanted to launch a line of granola bars that is as low in emissions as possible, it could use Planet FWD’s emissions-reduction engine during the product development phase to understand how to change its supplier or its packaging supplier to a more efficient method.
In terms of reducing emissions, there are less than 100 months left to reach the 2030 global goal of cutting at least 40 percent of greenhouse gas emissions from 1990 levels. Household consumption of things like food, which impacts land, energy and water, account for 60 percent of global emissions, according to a 2015 study.
Since time is of the essence, companies are scrambling to find better solutions for carbon management. Retailers are beginning to pay more attention and are prioritizing brands that are motivated, sustainable and willing to adapt. As a result, the past year has been one of growth for Planet FWD, which is now working with 25 clients.
Meanwhile, the Series A funding round was co-led by Acre Venture Partners and Congruent Ventures and includes participation from existing investors BBG Ventures, Precursor, Concrete Rose, January Ventures, Elemental Excelerator, Cleo Capital and Rethink Food. BBG Ventures previously led the startup’s 2020 seed round of $2.7 million.
The new funding will be deployed into the company’s ongoing development of its data, including building out its climate science team. It will also go into product development, such as for more predictive emissions reduction, and supporting new and existing customers.
“We believe that human beings, working together, have the power to limit if not undo climate change,” Collins said in a press release. “While there is no silver bullet to the climate crisis, we are excited to stand with the regenerative agriculture movement, giving consumers the power to make climate-friendly food choices and ensuring that farmers are valued for their work as stewards of the land.”