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BeZero Carbon, a London-based global carbon ratings agency, has announced the successful completion of a $32 million Series C funding round, underscoring its pivotal role in the evolving carbon markets.
GenZero, a decarbonisation-focused investment firm established by Temasek in Singapore, spearheaded the funding. Notable contributors include Japan Airlines and the Translink Innovation Fund and ongoing support from EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund.
BeZero’s risk-based carbon project ratings provide a vital quality measure for carbon markets. Its innovative 8-point rating scale has become a benchmark, with higher ratings commanding up to a 40% price premium on carbon credits. Since its 2022 launch, the platform has assessed over 480 carbon credit projects, offering ratings, data, and scientific analysis.
BeZero’s platform currently supports over 100 corporate subscribers globally, including high-profile names like UBS and Woodside Energy. It is integrated with 40+ platforms, such as Bloomberg, and spans 30+ countries across six continents.
Expanding Coverage and Leveraging AI
The newly secured funds will enable BeZero to:
Expand its ratings coverage to include compliance and voluntary carbon markets, targeting frameworks like Article 6 and CORSIA.
Enhance technology capabilities, focusing on automation and artificial intelligence, bolstered by an expert team of climate and data scientists.
Global Reach and Strategic Growth
With operations in New York and Singapore, BeZero is extending its footprint. Sebastien Cross, Co-founder and Chief Innovation Officer has relocated to Singapore to lead the company’s efforts in the Asia-Pacific region, reflecting a strategic focus on this burgeoning market.
Tommy Ricketts, CEO and Co-founder of BeZero Carbon highlighted their customers' critical support: “Securing a Series C in the current climate is a huge vote of confidence in our brilliant team and independent carbon ratings. We wouldn’t be where we are today without the support of our fantastic customers, who now more than ever rely on our ratings. The funds will allow us to sustain our pace of innovation and expand our ratings coverage to compliance carbon markets, such as Article 6 and CORSIA, and the voluntary carbon market.”
Frederick Teo, CEO of GenZero, commented on the strategic value of carbon ratings: “Carbon ratings play a pivotal role in ensuring integrity and transparency in carbon markets by providing independent, standardised assessments of quality. By leveraging data, internal scientific expertise and methodological insights to analyse carbon projects, BeZero’s work will foster greater confidence in carbon markets and catalyse more capital and demand. We welcome BeZero’s presence in Singapore as we develop a global carbon ecosystem here and are excited to work together to build the critical infrastructure required for carbon markets to have impact at scale.”