We at Balderton are delighted to announce our recent investment in Sweep. Sweep is leading the impact tracking space, a market we have been very excited about.
We are thrilled to partner up with such an incredible team who has been building a very strong product and works with large corporations willing to reduce their carbon footprint and mitigate their environmental impact.
Reporting rules announced earlier this year suggest that by 2023 c.50k companies in Europe will have to report on how sustainability issues affect their performance, position and development, and on their impact on people and the environment. This means that an increasing number of industries will have to deal with regulatory requirements, as well as pressure from investors and customers, and more impact areas will have to be covered (beyond carbon emissions). However, today most companies work with external consultants to measure and report on their carbon footprint. They are expensive because ESG-related projects require a lot of manpower, especially to collect data and assess impact. This comes with the additional challenge of limited comparability, data storage and tracking over time. This is why we believe a solution like Sweep is a game-changer, making automation a reality and delivering insights truly actionable.
We are impressed by how thoughtful and mature Sweep’s product is. This does not come as a surprise given the team’s previous knowledge and experience in business intelligence SaaS. Sweep enables large companies to organize carbon programs, even around complex value-chains, to measure emissions in an automated way across their entire supply chain, and to reduce their impact based on scientific targets through smart goals and actionable insights. The product helps customers easily design their data structure and upload it in the most convenient format, mapping it to Sweep’s emission factors database. In the end, customers can automate their reporting following the most common standards and report on their performance to their different stakeholders.