Scope3 completes $20m funding round
- Thursday, October 12th, 2023
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Scope3, the collaborative sustainability platform e aiming to decarbonizmedia and advertising, has completed a $20m Series B funding round led by GV. Additional investors included Room40 Ventures and Venrock. The investment will be used to accelerate the development of Scope3’s collaborative sustainability platform (CSP) that visualizes the massively interconnected ad ecosystem while powering meaningful carbon reduction. Scope3 will also use the funding to grow its global team of advertising, tech, and sustainability experts and further expand its data and measurement capabilities.
“The climate crisis is an urgent and global problem,” said Scope3 Co-founder and CEO, Brian O’Kelley. “With all eyes on the world’s largest brands, advertisers, and businesses to solve it, these companies are embracing sustainability as an opportunity that is both good for the planet and good for business. Sustainable advertising is inevitable. At Scope3, we’re building a business that will serve as the foundation for the next generation of media and advertising. This investment gives us the resources to put decarbonization tools into the hands of the industry, while attracting the talent needed to build a more sustainable ad ecosystem and deliver on our mission.
“Every major company is going to have a sustainability platform for media and advertising 24 months from now. Im grateful for the support of GV and our other investors, as well as the many clients, partners, and industry leaders who have helped us get to this point GV’s climate tech focus and extensive knowledge of the nuances of advertising technology make them the perfect fit.”
Founded in December 2021, Scope3 introduced a comprehensive emissions model that maps and calculates the carbon footprint of the entire digital advertising supply chain. The model enables every company in the ad ecosystem to see carbon emissions and then make data-driven decisions that optimize toward carbon reduction. It also powers the carbon reduction products brands and marketers are using today to reduce their emissions.
Scope3 works with stakeholders across every part of the media supply chain, including verification partners, DoubleVerify and Integral Ad Science; dozens of brands and publishers, including Sanofi, MasterCard, Insider, and Microsoft’s MSN; and nearly every global agency holding company, including GroupM and IPG.