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

Watershed Overview

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

United StatesSan Francisco, CA

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

Watershed valuation by funding round
DateStageValuation
Feb 2024Series C$1.8B
Jun 2022Series B$1B
Feb 2022Series 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

Watershed funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2026Undisclosed stage-$15M--
Feb 2024Series CGreenoaks (lead); Emerson Collective; Kleiner Perkins; Neo; Sequoia Capital; Galvanize Climate Solutions$100M$1.8BWatershed 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 2022Series B-$55M$1BWatershed 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 2022Series BKleiner Perkins (lead); Sequoia Capital (lead)$70M$1BWatershed 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 2021Series AKleiner 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

Investors in Watershed by funding rounds participated
InvestorHQRoundsRoleFirst check
Kleiner PerkinsUnited StatesSan Francisco, CA3LeadFeb 2021
Sequoia CapitalUnited StatesSan Francisco, CA3LeadFeb 2021
GreenoaksUnited StatesSan Francisco, CA1LeadFeb 2024
Emerson CollectiveUnited StatesSan Francisco, CA1ParticipantFeb 2024
SV AngelUnited StatesSan Francisco, CA1ParticipantFeb 2021
NeoUnited StatesSan Francisco, CA1ParticipantFeb 2024

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Acquisitions 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

Vitalmetrics
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 CountryUnited States
HQ City
Santa Barbara, CA
Deal Date11 Apr 2023
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Watershed Competitors

Watershed competitors include listed companies like C3.ai and TRS Information Technology, and private ones like Feedzai, Persona, Quantexa and H2O.ai.

Public and private companies comparable to Watershed
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FeedzaiPortugalCoimbraPrivate--$2B-
PersonaUnited StatesSan Francisco, CAPrivate$32M-$2B62.5x
QuantexaUnited KingdomLondonPrivate$100M-$2.6B26.0x
C3.aiUnited StatesUnited StatesPublicly listed$250M($484M)$1.7B4.5x
H2O.aiUnited StatesSan Francisco, CAPrivate--$1.7B-
TRS Information TechnologyChinaChinaPublicly listed$76M($20M)$1.7B19.7x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
C3.ai$250M($484M)4.3x4.5x(2.2x)(6.2x)
Wenge AI$60M($20M)27.6x-(82.7x)-
TRS Information Technology$76M($20M)19.3x19.7x(73.5x)478.8x
Haizhi$93M($30M)21.5x16.3x(67.1x)(440.4x)
PCITECH$1.5B$53M0.8x0.9x24.1x-
Fractal Analytics$344M$50M3.7x3.4x25.8x21.0x
Ncino$595M$65M4.3x4.0x39.0x15.8x
Affle 3i$282M$67M7.4x6.7x31.3x29.5x

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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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