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- BeZero Carbon
BeZero Carbon Funding, Investors & Competitors
BeZero Carbon has raised $104M across 4 funding rounds, most recently a $32M Series C in January 2025.
Last BeZero Carbon funding round
$32M
Series C · Jan 2025
Cumulative funding BeZero Carbon raised
$104M
across 4 funding rounds
Key investors in BeZero Carbon
Molten Ventures
Norrsken VC
Illuminate Financial
Hitachi Ventures
Contrarian Ventures
Intercontinental Exchange
Quantum Energy Partners
QIMA
About BeZero Carbon
BeZero Carbon is a London-based carbon ratings agency that assesses the quality and integrity of carbon credits. The firm provides independent ratings using proprietary models to evaluate projects across methodologies like reforestation and renewable energy. Launched in 2021, BeZero serves major financial institutions, corporations, and governments seeking transparency in voluntary and compliance carbon markets. Its platform covers thousands of credits from global registries such as Verra and Gold Standard, enabling clients to optimize portfolios and mitigate greenwashing risks in environmental investments.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
BeZero Carbon Funding History
BeZero Carbon has raised a total of $104M across 4 funding rounds.
BeZero Carbon's first fundraising round was a $3M seed round in September 2021. The most recent completed round was a $32M Series C in January 2025.
BeZero Carbon funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2025 | Series C | GenZero (lead); Quantum Energy Partners; Intercontinental Exchange; Hitachi Ventures; Molten Ventures; Translink Capital; EDF Pulse Ventures; Illuminate Financial; QIMA; Japan Airlines Innovation Fund | $32M | BeZero Carbon is a global carbon ratings agency headquartered in London that provides independent assessments of carbon credits' efficacy in achieving CO2 avoidance or removal. The company uses a comprehensive analytical framework to evaluate carbon projects, assigning ratings on an 8-point scale that significantly influences carbon credit pricing. Since launching its ratings platform in 2022, BeZero has demonstrated substantial market impact, with each incremental notch on its rating scale commanding an average 40% price premium as of 2025, indicating strong market adoption and the critical importance of independent carbon ratings for market infrastructure. In January 2025, BeZero Carbon announced a US$32 million Series C investment round led by Temasek-founded GenZero, a Singapore-based decarbonization-focused investment firm. The round included strategic participation from Japan Airlines and the Translink Innovation Fund, with additional capital from existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund, bringing the company's total funding to over $104 million. The proceeds will be deployed to expand BeZero's ratings coverage into new compliance carbon markets including domestic and sovereign compliance markets and CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation), while continuing to invest in automation, artificial intelligence techniques, and its expert team of climate and data scientists to deliver ratings, data, and risk analytics at scale. CEO Tommy Ricketts emphasized that the funding validates the company's independent carbon ratings and enables BeZero to sustain its innovation pace while expanding coverage across both voluntary and compliance carbon markets as countries and international organizations increasingly look to carbon markets to achieve net-zero objectives. |
| Nov 2022 | Series B | Quantum Energy Partners (lead); Intercontinental Exchange; Contrarian Ventures; Norrsken VC; Hitachi Ventures; Molten Ventures; Illuminate Financial; EDF Ventures; QIMA | $50M | BeZero Carbon is a London-based climate tech company providing carbon credit ratings, risk assessments, analytics, and data products to enhance transparency and efficiency in voluntary carbon markets. It offers freely available carbon credit methodology alongside paid enriched assessments, insights, risk tools, and API integrations for third-party exchanges. Clients include major firms like Equinor, Glencore, and Watershed, with strategic partnerships involving Hitachi, EDF, and Intercontinental Exchange to develop standardized trading products and expand into Europe and Asia. On November 14, 2022, BeZero Carbon closed a $50 million Series B funding round, the largest in UK climate tech that year, led by Quantum Energy Partners. Participants included existing investors Molten Ventures, Norrsken VC, Illuminate Financial, QIMA, Contrarian Ventures, and new strategic investors EDF Pulse Ventures, Hitachi Ventures, and Intercontinental Exchange. This brought total funding to over $70 million, following prior raises. Proceeds will fund team expansion, technology development for ratings, risk, and analytics tools, and new offices in New York and Singapore to support US and Asian growth. The company aims to innovate in environmental markets beyond carbon, leveraging earth observation and proprietary toolkits. CEO Tommy Ricketts emphasized building information infrastructure for ecosystem markets to accelerate net zero transitions. Quantum Energy Partners highlighted BeZero's position as the largest ratings agency in a voluntary carbon market projected to reach $50 billion by 2030. The round positions BeZero to deepen market coverage, create risk-based products, and collaborate on exchange-traded carbon offset products, amid booming demand for high-quality offsets. |
| Mar 2022 | Series A | Molten Ventures (lead); Extantia Capital; Norrsken VC | $20M | BeZero Carbon is a London-based carbon credit ratings agency founded in 2020, providing independent ratings, research, and data products for carbon markets. The company's platform offers ratings on an 8-point scale for carbon credit projects, with ratings available on more than 40 platforms including Bloomberg. BeZero serves over 100 corporate subscribers across 30 countries, including major clients such as UBS, Sumitomo, Emirates NBD, Equinor, Woodside Energy, and ERM. In March 2022, BeZero raised £15 million in a Series A funding round led by Molten Ventures, with participation from Norrsken VC and Extantia. This followed a £2 million seed round led by Illuminate Financial in September 2021. The Series A funding was used to build out the company's global carbon ratings infrastructure and expand its team of climate scientists, earth observation specialists, data scientists, and financial analysts. BeZero later raised $50 million in a Series B round in November 2022, followed by $32 million in a Series C round, demonstrating strong investor confidence and rapid scaling. The company has established itself as a reference standard for carbon credit quality, with its ratings scale significantly influencing carbon credit pricing in the market. |
| Sep 2021 | Seed | Contrarian Ventures (lead) | $3M | BeZero Carbon is a global ratings agency for the voluntary carbon market that provides independent assessments of carbon credit quality, efficacy, and risk. The company helps market participants evaluate carbon projects and manage investment risk in an increasingly active carbon offset market. In September 2021, BeZero raised £2 million in a seed round led by Illuminate Financial, with Contrarian Ventures participating as an investor. Between September 2021 and March 2022, the company raised a total of £17 million across seed and Series A funding to build its global carbon ratings platform. BeZero's core offering includes transparent, project-level carbon ratings powered by expert analysts, proprietary models, and curated datasets, with all methodologies and headline ratings made publicly available to ensure market transparency. |
Who has invested in BeZero Carbon?
14 investors have backed BeZero Carbon across its funding rounds, including Molten Ventures, Norrsken VC, Illuminate Financial, Hitachi Ventures, Contrarian Ventures and Intercontinental Exchange.
Lead investors include GenZero, Quantum Energy Partners, Molten Ventures and Contrarian Ventures.
BeZero Carbon Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2022 | ||
| 2 | Lead | Nov 2022 | ||
| 2 | Participant | Nov 2022 | ||
| 2 | Lead | Sep 2021 | ||
| 2 | Participant | Mar 2022 | ||
| 2 | Participant | Nov 2022 | ||
| 2 | Participant | Nov 2022 | ||
| 2 | Participant | Nov 2022 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Lead | Jan 2025 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Participant | Jan 2025 | ||
This data is available for Pro users. Sign up to see all 14 BeZero Carbon investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by BeZero Carbon
BeZero Carbon has acquired 1 company to date.
Last acquisition by BeZero Carbon was on June 24th 2026. BeZero Carbon acquired Cedar for undisclosed valuation.
Latest Acquisitions by BeZero Carbon
| Description | Cedar is a New York-based software company that develops machine learning applications to streamline operations at environmental and renewable energy groups. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 24 Jun 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all BeZero Carbon acquisitions and their M&A valuation multiples. Start Free Trial | |
BeZero Carbon Competitors
BeZero Carbon competitors include listed companies like Experian, Equifax, GlobalData and S&P Global, and private ones like Plaid and AlphaSense.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $8.4B | $3B | $33B | 4.4x | ||
| Publicly listed | $6.1B | $1.8B | $19B | 3.7x | ||
| Publicly listed | $433M | $140M | $506M | 1.7x | ||
| Publicly listed | $15B | $7.7B | $119B | 9.1x | ||
| Private | $430M | - | $8B | 18.6x | ||
| Private | $600M | - | $7.5B | 12.5x |
BeZero Carbon Public Comps
BeZero Carbon is still privately-owned, but its public comps include S&P Global, Accenture, Intercontinental Exchange, Moody's, London Stock Exchange Group, Nasdaq, Thomson Reuters, East Money, MSCI and HCLTech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15B | $7.7B | 8.9x | 9.1x | 17.6x | 17.3x | |||
| $70B | $12B | 1.7x | 1.6x | 10.1x | 8.4x | |||
| $13B | $6.6B | 8.2x | 9.7x | 15.8x | 14.4x | |||
| $7.7B | $3.8B | 11.2x | 10.6x | 22.5x | 20.1x | |||
| $13B | $5.9B | 5.5x | 5.4x | 11.6x | 10.6x | |||
| $8.3B | $3.1B | 7.0x | 10.0x | 18.6x | 16.9x | |||
| $7.5B | $3B | 6.1x | 5.8x | 15.3x | 14.5x | |||
| $2.4B | $2.1B | 5.1x | 4.3x | 5.7x | 4.8x | |||
This data is available for Pro users. Sign up to see all BeZero Carbon competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BeZero Carbon
| When was BeZero Carbon founded? | BeZero Carbon was founded in 2020. |
| Where is BeZero Carbon headquartered? | BeZero Carbon is headquartered in London, United Kingdom. |
| Is BeZero Carbon publicly listed? | No, BeZero Carbon is a private, VC-backed company. |
| How much funding has BeZero Carbon raised? | BeZero Carbon has raised $104M across 4 funding rounds. |
| What was BeZero Carbon's last funding round? | BeZero Carbon's last funding round was a $32M Series C in January 2025, led by GenZero. |
| Who are BeZero Carbon's investors? | BeZero Carbon's investors include Molten Ventures, Quantum Energy Partners, Intercontinental Exchange, Contrarian Ventures, Norrsken VC, Hitachi Ventures, Illuminate Financial, QIMA, Extantia Capital, GenZero and 4 others. |
| Which companies are comparable to BeZero Carbon? | Companies comparable to BeZero Carbon include Experian, Equifax, GlobalData, S&P Global, Plaid and AlphaSense. |
| How many companies has BeZero Carbon acquired? | BeZero Carbon has acquired 1 company, including Cedar. |
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