NEW YORK–(BUSINESS WIRE)–Sustain.Life, the platform empowering small- and medium-sized enterprises to take impactful climate action, today announced that it has raised $16 million in seed funding. Founded by a team of sustainability and business leaders with expertise in launching and scaling successful technology ventures, including three former Walmart and Jet.com executives, Sustain.Life will use the funding towards further building out its platform’s offerings and scaling its user base. Tapestry VC and Mike Hanrahan, Sustain.Life’s co-founder, co-led the investment round, with participation from Active Impact Investments, Kompas, Agya Ventures and Seyen Capital. Hanrahan previously co-founded Jet.com and helped lead Walmart’s acquisition of the site—then the biggest e-commerce acquisition deal of all time.
Sustain.Life democratizes sustainability by making it easier and more affordable to measure, manage and report carbon emissions and environmental impact. It empowers teams without expertise to start measuring environmental impact from internal operations, and scales across large organizations and global supply chains—replacing spreadsheets and turning black box estimates into auditable and verifiable data. Sustain.Life offers businesses the tools they need to ensure compliance with evolving reporting frameworks, as regulations making auditable tracking a legal necessity—such as the recently announced SEC climate disclosure rule—take shape across the US and Europe.
Whereas many of the world’s largest corporations have the resources to implement sustainability programs, small and medium-sized enterprises—which constitute a larger percentage of the market—often lack the resources to do so. Sustain.Life is addressing this critical market need, making it easier and more affordable for companies to launch carbon accounting and climate action programs, achieve net-zero emissions, and realize the business benefits of sustainability, such as reduced costs and risk. With Sustain.Life, companies can:
- Measure their carbon emissions and environmental impact from internal operations and supply chains;
- Manage their emissions through operational changes across areas like energy, water and waste, and reduce their footprint;
- Report their progress to customers, investors, and employees with transparency and integrity.
“To solve climate change, humanity’s greatest threat, we need tools that enable more people and organizations to take meaningful climate action—and we need them quickly,” said Mike Hanrahan, Co-Founder of Sustain.Life. “Many major corporations have the resources to invest in sustainability initiatives, but most companies lack the resources to launch successful sustainability programs. That is why we set out to build a platform that would be more accessible from a usability and cost perspective.”
Mike Hanrahan, Sustain.Life CEO Annalee Bloomfield, and CTO Patrick Campagnano co-founded the company after their time at Walmart’s Intelligent Retail Lab, where Hanrahan served as CEO; Bloomfield served as Senior Director, Head of Product & Customer Experience; and Campagnano served as Head of Engineering. They knew their expertise building scalable, accessible technologies could meet the market need for tools to help businesses mitigate their climate impact. They brought on Alyssa Rade, who has over a decade of experience in corporate ESG, to serve as the company’s Chief Sustainability Officer.
“At Tapestry VC, we seek out technical and repeat founders with a global orientation, who have the ambition to challenge the status quo, go after incumbents and make an impact on the world,” said Patrick Murphy, Co-Founder and Managing Partner of Tapestry VC. “The carbon accounting and offsets industry is shifting from a marketing exercise and cottage industry to a key bastion in the global fight against climate change. The Sustain.Life team has a unique insight on the problems real businesses have adopting climate accounting. Sustain.Life has created a unique solution that removes the intermediaries and enables companies of all sizes to put control of their carbon accounting back in their own hands.”
“Together, small and medium-sized enterprises constitute a significant amount of the greenhouse gas emissions contributing to climate change. Today, most of these companies lack the expertise and resources to take climate action. Not only does inaction have negative consequences for the planet, it has negative business impacts for these companies too, including higher costs and greater risk,” said Alyssa Rade, Chief Sustainability Officer of Sustain.Life. “We’re grateful to our investors, who recognize that Sustain.Life’s affordable and easy-to-use SaaS solution meets not only a vast total addressable market, but a total addressable problem: enabling companies to get to net-zero.”
Since its launch in November 2021, Sustain.Life has attracted high-profile brand customers across a broad range of industries, such as CPG food and beverage, electric vehicles, and fintech. It has also established major partnerships with industry leaders and advocacy organizations including:
- Interactive Brokers, the largest electronic trading platform in the U.S., to bring its sustainability offerings to users of the company’s app;
- Avetta, the leading provider of supply chain risk management software, to avail its platform to over 125,000 suppliers in Avetta’s network—a crucial step in addressing scope three emissions arising from companies’ supply chains; and
- Sustainable Cannabis Coalition, the consortium of leading cannabis companies working to make the industry more sustainable, to help companies across the cannabis value chain, from cultivation to distribution, reduce their environmental impact.
This past March, Sustain.Life was selected for the 2022 AICPA/CPA.com Startup Accelerator. Sustain.Life also participated in the 14th annual SXSW Pitch, a highly selective startup pitch contest where they shared the company’s vision with a panel of esteemed judges and a live audience.
Learn more about Sustain.Life here.
About Sustain.Life
Sustain.Life is a SaaS platform helping companies across industries measure and reduce their environmental impact. Launched in 2021, Sustain.Life provides ESG tools that empower organizations to future-proof themselves by embracing sustainable business practices that manage carbon emissions, reduce costs and help distinguish them to customers, partners, investors and recruits.
About Tapestry Venture Capital
Tapestry VC is a venture capital fund that invests in technical and repeat founders across Europe and the US. Their team are early-stage investors in breakout technology companies such as Hopin, Pitch, Zapp, Crossbeam, Nothing, Builder, MetaMap, Manna, Standard AI and over 40 more. The firm is headquartered in San Francisco, CA. More information: https://tapestry.vc
