Patch

Patch

Facilitates management and trading of carbon credits

About Patch

Simplify's Rating
Why Patch is rated
A-
Rated B on Competitive Edge
Rated A on Growth Potential
Rated A on Rating Differentiation

Industries

Energy

Social Impact

Company Size

51-200

Company Stage

Series B

Total Funding

$79.3M

Headquarters

San Francisco, California

Founded

2020

Overview

Patch is a platform that helps organizations manage, buy, and sell carbon credits to support climate solutions. It connects buyers, who want to offset their carbon emissions, with suppliers of carbon credits. The platform ensures that transactions are efficient and transparent, providing a wide range of high-quality carbon credits. Patch stands out from its competitors by focusing on creating a modern experience for buyers and offering precise tools for suppliers. The company's goal is to accelerate climate action by effectively managing a significant volume of carbon credits, currently amounting to 400 million tonnes.

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Significant Headcount Growth
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Simplify's Take

What believers are saying

  • Partnership with Drax enhances Patch's carbon credit offerings and market reach.
  • Increased demand for high-integrity carbon credits drives growth in the carbon market.
  • Venture capital interest in climate tech supports Patch's expansion and innovation.

What critics are saying

  • Emerging climate tech startups could dilute Patch's market share.
  • Partnership with Drax may expose Patch to reputational risks if BECCS technology fails.
  • Reliance on venture capital funding may pressure Patch to deliver rapid growth.

What makes Patch unique

  • Patch offers an API for seamless carbon removal integration into products.
  • The platform manages 400 million tonnes of carbon, showcasing significant market impact.
  • Patch ensures transparency and efficiency in carbon credit transactions for buyers and suppliers.

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Funding

Total Funding

$79.3M

Above

Industry Average

Funded Over

3 Rounds

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.
Series B Funding Comparison
Above Average

Industry standards

$35M
$45M
Linktree
$55M
Patch
$65M
Substack
$100M
ClickUp

Benefits

Competitive compensation

Meaningful Equity

Monthly wellness stipend for mental and physical health, covering gyms, courses, therapy, art, animals, etc!

Remote-friendly

Low ego, collaborative culture

Time-off As Needed Vacation Policy

Growth & Insights and Company News

Headcount

6 month growth

26%

1 year growth

18%

2 year growth

16%
Forbes
Nov 28th, 2023
30 Under 30 Energy 2024: Meet The Young Entrepreneurs Leading The Charge Toward A Greener Planet

From electric school buses to swanky carbon credit platforms, these under 30s are using their talents and ideas to shape the future of energy. A chemical engineer by training, Brennan Spellacy was working at Shopify when he became enthralled with emerging methods for reducing carbon dioxide in the atmosphere. Carbon reduction approaches range from the simplest, like planting trees and driving more efficient vehicles, all the way to the outlandish, such as charring and liquefying biomass then injecting it deep underground, or reacting CO2 with limestone to trap it in “green” concrete. TIM TADDER FOR FORBES

PR Newswire
Nov 8th, 2023
Drax Partners With Patch To Enhance Carbon Credit Offering

HOUSTON, Nov. 8, 2023 /PRNewswire/ -- Carbon dioxide removals ("CDRs" or "carbon removals") and renewable energy company, Drax Group, has today partnered with Patch, a climate technology company that is building digital infrastructure for the carbon market of the future.Patch's software helps voluntary carbon market participants buy, sell, and manage credits. With the Patch Radius software solution, Drax customers will be able to seamlessly purchase from a number of portfolios of carbon credits, including those from BECCS by Drax.Members of the Drax and Patch teams meeting at VERGE 2023Drax has the ambition to become a global leader in carbon removals through the implementation of bioenergy with carbon capture and storage (BECCS) technology, with the aim of capturing 14 million metric tonnes of carbon removals a year by 2030. Supporting Drax's ambition in carbon removals, this partnership aims to accelerate the carbon market by facilitating carbon credit sales to companies of all sizes looking to achieve their climate goals."A strong carbon market will be essential to accelerating the deployment of technologies like BECCS, and business and organizations need to invest in building it now, if we are going to see removals at the volume needed to limit warming to 1.5°C," said Marc Bradbrook, SVP Business Development at Drax. "We are delighted to be entering a partnership with Patch which we hope will enable us to better engage with customers in the carbon credit market and scale this critical industry."High integrity carbon credits are increasing in demand as more organizations look to hit their decarbonization targets. In addition to using the Patch software to facilitate the sale of BECCS by Drax credits to Drax customers, Drax also plans to submit BECCS by Drax credits to be evaluated against Patch's project acceptance criteria

Forbes
Sep 12th, 2023
Climate Software Is Ready For The C-Suite: Meet The Tech Executives Making The Switch To The Climate Sector

One of the 2023 mantras for my firm Energize Capital has been: “There has never been a better time to work in climate software.” From the billions of dollars entering the space through private and public investments to cultural shifts toward mission-driven careers, the influx of talent we’ve seen come into the climate space has been incredible.Recently, the climate tech sector reached a new talent milestone: attracting and retaining seasoned tech executives. Many growing climate companies are hiring for certain C-suite level positions – such as Chief Strategy Officers and Chief Revenue Officers – for the first time, and traditional SaaS executives are entering the climate space to fill the roles.Climate software is ready for the C-Suite Energize CapitalWhy now? The climate market has reached a point where it is both good for the world and good for customers’ wallets. Climate companies are growing into resilient businesses with sizeable annual recurring revenues. As those companies scale, they become capable of supporting more executive-level positions – and they increasingly require those executives’ expertise. More and more climate companies are recruiting people who have experience expanding internationally, lobbying, creating paths to public markets, and all the other business functions needed by large companies.To highlight this blossoming area of the climate workforce, Energize has interviewed a roster of impressive talent who have joined our own portfolio in the last year from leadership roles at major tech companies like WhatsApp and Robinhood. Here they share their backgrounds, their motivations for switching to a career in climate and the knowledge they’re transferring from their time in traditional tech.Responses have been edited for brevity and clarity.Matthew Idema, President & Chief Operating Officer at Aurora SolarMatthew Idema Aurora SolarStarted role: June 2023Before working in climate: Matt worked at Meta for 12 years, joining the company in 2010 to work on products to help small- and medium-sized businesses use Facebook, including Facebook Pages and Promoted Posts

The Bridge
Jul 22nd, 2023
企業の「脱炭素経営への不安」を解消するスタートアップたち【ゲスト寄稿】

本稿は、Cherubic Ventures(心元資本)によるものだ。2014年に設立された同社は、アメリカとアジアの両方で活動するアーリーステージ・ベンチャーキャピタルであり、運用総資産(AUM)は4億米ドルだ。シードステージ投資を中心に、次の象徴的な企業の最初の機関投資家になることを目指し、大きな夢と世界を変える勇気を持つ創業者を支援している。同社は、サンフランシスコ、シンガポール、台北に拠点を置いている。. 英語によるオリジナル原稿は Cherubic Ventures の Web サイトで読める。(過去の寄稿). This guest post is authored by Cherubic Ventures. Founded in 2014, they are an early-stage venture capital firm that’s active in both the US and Asia, with a total AUM of 400 million USD. Focusing on seed stage investments, Cherubic aims to be the first institutional investor of the next iconic company and back founders who dare to dream big and change the world. Their team sits across San Francisco, Singapore, and Taipei

Tech.eu
May 11th, 2023
Pale Blue Dot Ups The Ante, Closes Second Fund At €93 Million

Malmö, Sweden-based climate tech VC firm Pale blue dot has announced the close of its second fund at €93 million. According to the firm, they are still actively making investments from the first fund, and are ironing out the final details of these tickets before officially uncorking the second vintage.Rooted in a pan-climate tech thesis, Pale blue dot invests in, but is not limited to, European and US-based food and agtech, industry, mobility, and fintech startups at the pre-seed and seed stage with an average ticket size ranging from €500,000 - €2 million. On par with the firm's first fund, the plan is to invest in 35 promising startups via the second fund.Pale blue dot has invested in 28 companies thus far, including Patch, Monta, Phytoform, Climate X, Hived, Overstory, and Green Got.In a strong show of support for the firms’ methodology, more than two-thirds of existing LPs chose to return to the table for Pale blue dot’s second outing and include serial entrepreneurs, family offices, and institutional investors from Europe and US.While not specifically named in the second fund, LPs of Pale blue dot’s first fund include Prima Materia, the investment firm founded by Spotify CEO Daniel Ek and Shakil Khan, Pirates Impact, as well as the founders of companies like Contentful, Delivery Hero and Wise.“Receiving interest and recognition from the industry is good, but the fact that amazing founders keep picking us to be their partners on their journeys is the biggest vote of confidence and why we get up in the morning,” commented Pale blue dot General Partner Hampus Jakobsson

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