In a significant move that underscores the evolving landscape of sustainable advertising, Scope3 has successfully raised $20 million in a Series B funding round, spearheaded by GV. This injection of capital is set to hasten the evolution of Scope3’s Collaborative Sustainability Platform (CSP). The avant-garde platform aims to render a vivid depiction of the vast ad ecosystem, fostering notable carbon reduction initiatives.
Expanding Horizons: Global Growth and Enhanced Capabilities
Scope3 funding will be channelled towards amplifying it’s global presence, augmenting its coterie of experts in advertising, technology, and sustainability. Concurrently, Scope3 plans to intensify its data assimilation and evaluative prowess.
Sustainability: The Forefront of Brand Commitment
Brands worldwide are aligning their strategies with carbon commitments, anticipating regulatory mandates, and seeking collaborative ventures with trailblazers like Scope3. The significance of this investment echoes a resonant message: the era of sustainable advertising is dawning.
Brian O’Kelley, the visionary Co-Founder and CEO of Scope3, expressed, “The climate crisis is an urgent and global problem. 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 decarbonisation tools into the hands of the industry, while attracting the talent needed to build a more sustainable ad ecosystem and deliver on our mission.”
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An Endorsement of Vision and Momentum
GV’s participation in this funding round is not merely transactional but an endorsement of Scope3’s vision. Erik Nordlander, General Partner at GV, opined, “We look for companies developing technology that can drive real-world innovation and impact, and we’ve been impressed with Brian’s leadership and Scope3’s early momentum. The company’s focus on measurement and reduction takes the right approach to decarbonisation and we’re confident in their ability to move the entire digital ad ecosystem toward climate progress. We are delighted to support their business expansion.”
Pioneering Carbon Footprint Analysis in Advertising
Established in December 2021, Scope3 unveiled a comprehensive emissions model that holistically maps the carbon footprint spanning the digital advertising supply chain. This groundbreaking model empowers companies within the advertising spectrum to discern carbon emissions, facilitating data-centric decisions that gravitate towards carbon minimisation.
Collaboration with Industry Giants
Scope3’s sphere of influence isn’t limited. They have formed alliances across the media supply chain, collaborating with verification giants like DoubleVerify and Integral Ad Science, illustrious brands such as Sanofi and MasterCard, and global agency powerhouses including GroupM and IPG.
This latest round of funding also saw participation from Room40 Ventures and Venrock, further cementing Scope3’s position as a forerunner in the realm of sustainable advertising.
