Scope3, a collaborative sustainability platform (CSP) aiming to decarbonise media and advertising, announced that it has secured $20M (approximately €18.93M) in a Series B round of funding. The investment was led by GV.
Additional investors in this round include Room40 Ventures and Venrock.
Erik Nordlander, General Partner at GV says, “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.”
GV, formerly Google Ventures, is a VC firm established in 2009. It focuses on supporting innovative founders in the early stages of company building. With Alphabet as its sole limited partner, GV provides assistance in design, equity, diversity & inclusion, talent, and engineering.
Use of the funds
Scope3 says it will use the funds to accelerate the development of its CSP, which visualises the interconnected ad ecosystem and focuses on meaningful carbon reduction.
The company also plans to expand its global team of experts, enhance data and measurement capabilities, and establish a significant international presence.
Brian O’Kelley, co-founder & CEO of Scope3 says, “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.”
“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.”
“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,” adds O’Kelley.
Decarbonising media and advertising
Founded in December 2021, Scope3 has developed a comprehensive emissions model for the digital advertising supply chain. This model calculates and maps the carbon footprint of the entire ecosystem, allowing companies to make data-driven decisions for carbon reduction.
The platform also powers carbon reduction products utilised by brands and marketers today.
The company collaborates with key stakeholders, such as verification partners DoubleVerify and Integral Ad Science, brands like Sanofi and MasterCard, publishers including Insider and Microsoft’s MSN, and major agency holding companies like GroupM and IPG.
The company’s collaborative sustainability platform, including products like Climate Shield and Green Media Products, helps stakeholders in visualising and reducing their emissions.
Scope3 operates globally as a Public Benefit Corporation, uniting researchers and technologists to tackle the urgent challenge of climate change.
