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- Watershed
Watershed Valuation, Funding & Investors
Watershed is valued at $1.8B as of February 2024.
Last Watershed valuation
$1.8B
Series C · Feb 2024
Last Watershed funding round
$15M
Undisclosed stage · Jan 2026
Cumulative funding Watershed raised
$254M
across 5 funding rounds
Key investors in Watershed
Sequoia Capital
Kleiner Perkins
SV Angel
Greenoaks
Neo
Emerson Collective
About Watershed
Watershed is a San Francisco-headquartered enterprise climate software platform used by BlackRock, Airbnb, Stripe, Klarna, and Block. The company delivers Scope 1, 2, and 3 carbon accounting, automated regulatory reporting to CDP and CSRD, and access to vetted carbon removal projects from suppliers like Climeworks. Its marketplace offers high-integrity offsets verified by third parties. Founded in 2019, Watershed supports over 500 corporate customers in measuring and reducing emissions through API integrations with ERP systems like SAP.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.8B (Feb 2024)
Watershed Valuation
Watershed is currently valued at $1.8B, based on its Series C in February 2024.
The $100M round was led by Greenoaks, with participation from Emerson Collective, Kleiner Perkins, Neo, Sequoia Capital and Galvanize Climate Solutions.
Watershed's valuation has grown 1.8x from $1B at its Series B in February 2022 to $1.8B in February 2024, across 3 priced rounds.
Watershed valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2024 | Series C | $1.8B |
| Jun 2022 | Series B | $1B |
| Feb 2022 | Series B | $1B |
Watershed Funding History
Watershed has raised a total of $254M across 5 funding rounds.
Watershed's first fundraising round was a $14M Series A in February 2021. The most recent completed round was a $15M undisclosed-stage round in January 2026.
Watershed funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Undisclosed stage | - | $15M | - | - |
| Feb 2024 | Series C | Greenoaks (lead); Emerson Collective; Kleiner Perkins; Neo; Sequoia Capital; Galvanize Climate Solutions | $100M | $1.8B | Watershed is an enterprise sustainability platform that helps companies measure, report, and reduce their carbon footprint. The company's software takes data directly from client systems to create audit-ready carbon footprint reports and supports businesses in understanding their climate disclosure obligations. The platform serves a diverse customer base spanning every region and industry, including leading companies like General Mills, Suncorp, Medline, BBVA, Paramount, Spotify, Klarna, four of the top six US banks, and six of the top ten private equity firms. In February 2024, Watershed announced a $100 million Series C funding round led by Greenoaks, with participation from existing investors including Kleiner Perkins, Sequoia Capital, Elad Gil, Emerson Collective, Galvanize Climate Solutions, and Neo. This round valued the company at $1.8 billion and brought total funding to $239 million. Watershed demonstrated significant traction in its climate impact measurement: by the time of the Series C announcement, its customers were managing an estimated 479 million tonnes of CO2 equivalent, a dramatic increase from the 20 million tonnes reported two years prior at Series B. The company planned to use the funding to expand its product offerings in climate measurement and decarbonization strategies, grow its team, and accelerate its expansion in the UK and Europe, particularly ahead of climate compliance requirements such as the Corporate Sustainability Reporting Directive (CSRD). The funding reflected growing market demand for corporate transparency and government-mandated climate disclosure rules, with Watershed positioned as a leader in the carbon management software sector, which is expected to expand to nearly $1.2 billion by 2028. |
| Jun 2022 | Series B | - | $55M | $1B | Watershed is a San Francisco-based enterprise climate platform founded in 2019 that helps corporations measure, report, and reduce carbon emissions using data-driven insights and audit-grade methodologies. The company provides software for climate teams to track emissions, deploy clean power, fund carbon removal, collaborate with vendors, and report progress. Its Series B funding round raised $70 million on February 8, 2022, co-led by Sequoia Capital and Kleiner Perkins, achieving a $1 billion post-money valuation and unicorn status. The capital was intended to accelerate hiring and develop climate solutions tools. Watershed also appointed advisors Mark Carney and Christiana Figueres around this time. A Series B extension of $55 million followed in June 2022 to enhance products and support international expansion, though no separate valuation was specified for the extension. The platform serves major clients across industries, including banks, brands, and private equity firms, managing significant emissions volumes. |
| Feb 2022 | Series B | Kleiner Perkins (lead); Sequoia Capital (lead) | $70M | $1B | Watershed is a climate solutions software platform founded in 2019 that helps enterprises measure, report, and reduce carbon emissions through data-driven insights and audit-grade methodologies. The company serves as a central hub for corporate climate action, enabling organizations to track emissions across their operations, deploy clean power initiatives, fund carbon removal projects, collaborate with vendors, and report on climate progress with financial-grade rigor. On February 9, 2022, Watershed announced a $70 million Series B round at a $1 billion post-money valuation, co-led by venture capital titans Sequoia Capital and Kleiner Perkins. This marked Watershed's achievement of unicorn status approximately 2.5 years after founding—faster than comparable companies like Stripe, Uber, and SpaceX. Both investors had previously collaborated on the company's Series A in February 2021 for $14 million. Notably, the lead investors John Doerr (Kleiner Perkins) and Michael Moritz (Sequoia) last co-led an investment together in 1999 for Google. The round also included participation from Lowercarbon Capital, and notable individuals including former Vice President Al Gore and Laurene Powell Jobs served as investors. Watersh announced its funding would accelerate hiring and fuel development of climate solutions tools. By the time of its Series C announcement in February 2024, the company's customer base spanned every region and industry, including General Mills, Suncorp, Medline, BBVA, Paramount, Spotify, Klarna, 4 of the top 6 US banks, and 6 of the top 10 private equity firms. The company had also established partnerships with leading advisory and consulting firms including KPMG, Accenture, and ERM to incorporate climate science and policy expertise into its platform. In June 2022, Watershed announced a $55 million extension of its Series B funding round, further bolstering its capital position to scale operations and support international expansion. |
| Feb 2021 | Series A | Kleiner Perkins (lead); Sequoia Capital (lead); SV Angel; Transition | $14M | - | Watershed raised $14 million in its Series A funding round in February 2021, led by Kleiner Perkins and Sequoia Capital, with participation from SV Angel and Transition. The funding supported the development of the company's initial carbon accounting and sustainability features. Watershed operates as a San Francisco-based sustainability platform founded in 2019, helping enterprises measure, report, and reduce carbon emissions through data-driven insights and audit-grade methodologies. The platform enables businesses to analyze scopes 1, 2, and 3 emissions, benchmark against industry peers, invest in carbon removal and offsets, and generate reports compliant with standards like TCFD, CDP, SASB, and GRI. Watershed has since expanded with follow-on rounds, including a $70 million Series B in February 2022 co-led by Kleiner Perkins and Sequoia Capital, achieving a $1 billion valuation, and a $55 million Series B extension in June 2022. |
Who has invested in Watershed?
8 investors have backed Watershed across its funding rounds, including Sequoia Capital, Kleiner Perkins, SV Angel, Greenoaks, Neo and Emerson Collective.
Lead investors include Greenoaks, Kleiner Perkins and Sequoia Capital.
Watershed Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2021 | ||
| 3 | Lead | Feb 2021 | ||
| 1 | Lead | Feb 2024 | ||
| 1 | Participant | Feb 2024 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Participant | Feb 2024 | ||
This data is available for Pro users. Sign up to see all 8 Watershed investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Watershed
Watershed has acquired 1 company to date.
Last acquisition by Watershed was on April 11th 2023. Watershed acquired Vitalmetrics for undisclosed valuation.
Latest Acquisitions by Watershed
| Description | VitalMetrics is a sustainability software provider specializing in GHG emissions accounting and CDP reporting. Boston-headquartered since 2009, the firm equips enterprises with databases for Scope 1, 2, and 3 tracking, life cycle assessments, and climate strategy consulting. VitalMetrics supports over 200 clients including Fortune 500 companies, simplifying regulatory compliance through automated calculations and visualization tools. |
| HQ Country | |
| HQ City | Santa Barbara, CA |
| Deal Date | 11 Apr 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Watershed acquisitions and their M&A valuation multiples. Start Free Trial | |
Watershed Competitors
Watershed competitors include listed companies like C3.ai and TRS Information Technology, and private ones like Feedzai, Persona, Quantexa and H2O.ai.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Private | $32M | - | $2B | 62.5x | ||
| Private | $100M | - | $2.6B | 26.0x | ||
| Publicly listed | $250M | ($484M) | $1.7B | 4.5x | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $76M | ($20M) | $1.7B | 19.7x |
Watershed Public Comps
Watershed is still privately-owned, but its public comps include C3.ai, Wenge AI, TRS Information Technology, Haizhi, PCITECH, Fractal Analytics, Ncino, Affle 3i, Appier Group and Rackspace.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $60M | ($20M) | 27.6x | - | (82.7x) | - | |||
| $76M | ($20M) | 19.3x | 19.7x | (73.5x) | 478.8x | |||
| $93M | ($30M) | 21.5x | 16.3x | (67.1x) | (440.4x) | |||
| $1.5B | $53M | 0.8x | 0.9x | 24.1x | - | |||
| $344M | $50M | 3.7x | 3.4x | 25.8x | 21.0x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
This data is available for Pro users. Sign up to see all Watershed competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Watershed
| When was Watershed founded? | Watershed was founded in 2019. |
| Where is Watershed headquartered? | Watershed is headquartered in San Francisco, CA, United States. |
| Is Watershed publicly listed? | No, Watershed is a private, VC-backed company. |
| What is Watershed's valuation? | Watershed was last valued at $1.8B in its Series C in February 2024. |
| How much funding has Watershed raised? | Watershed has raised $254M across 5 funding rounds. |
| What was Watershed's last funding round? | Watershed's last funding round was a $15M undisclosed-stage round in January 2026. |
| Who are Watershed's investors? | Watershed's investors include Kleiner Perkins, Sequoia Capital, Greenoaks, Emerson Collective, SV Angel, Neo, Transition and Galvanize Climate Solutions. |
| Which companies are comparable to Watershed? | Companies comparable to Watershed include Feedzai, Persona, Quantexa, C3.ai, H2O.ai and TRS Information Technology. |
| How many companies has Watershed acquired? | Watershed has acquired 1 company, including Vitalmetrics. |
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