Scope3 raises $20M in funding led by GV, plus Room40 Ventures & Venrock

Scope3 has announced a $20 million Series B funding round led by GV. The investment will be used to accelerate the development of Scope3’s collaborative sustainability platform (CSP), that visualises the massively interconnected ad ecosystem while powering meaningful carbon reduction.

Scope3 will also use the funding to grow its global team of advertising, tech, and sustainability experts and further expand its data and measurement capabilities.

As global brands and advertisers continue to make carbon commitments, prepare for regulatory requirements, and partner with companies like Scope3 to guide them on their sustainability journey, this investment makes it clear – sustainability is here to stay.

See Also: Scope3: Why decarbonising isn’t just good for the planet, it’s good for business

Brian O’Kelley, co-founder and CEO, Scope3, said: "The climate crisis is an urgent and global problem. With all eyes on the world’s largest brands, advertisers, and businesses to solve it, these companies are embracing sustainability as an opportunity  that is both good for the planet and good for business. Sustainable advertising is inevitable.

"At Scope3, we’re building a business that will serve as the foundation for the next generation of media and advertising. This investment gives us the resources to put decarbonisation tools into the hands of the industry, while attracting the talent needed to build a more sustainable ad ecosystem and deliver on our mission.

"Every major company is going to have a sustainability platform for media and advertising 24 months from now. I'm grateful for the support of GV and our other investors, as well as the many clients, partners, and industry leaders who have helped us get to this point GV’s climate tech focus and extensive knowledge of the nuances of advertising technology make them the perfect fit.”

Erik Nordlander, general partner at GV, said: "We look for companies developing technology that can drive real-world innovation and impact, and we’ve been impressed with Brian’s leadership and Scope3’s early momentum.

"The company’s focus on measurement and reduction takes the right approach to decarbonisation and we’re confident in their ability to move the entire digital ad ecosystem toward climate progress. We are delighted to support their business expansion.”

Additional investors in this round include Room40 Ventures and Venrock.

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Top image: Anne Coghlan, COO and co-founder, Brian O'Kelley, CEO and co-founder Scope3