Scope3 raises $20M USD in Series B funding led by GV

The investment enables expansion of Scope3’s emissions measurement and collaborative sustainability platform to accelerate the decarbonization of the digital media ecosystem

NEW YORK – 12 October 2023 – Scope3, the collaborative sustainability platform decarbonizing media and advertising, today announced a $20 million Series B funding round led by GV. The investment will be used to accelerate the development of Scope3’s collaborative sustainability platform (CSP), a first-of-its-kind platform 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.

As global brands and advertisers continue to make carbon commitments, prepare for regulatory requirements, and partner with companies like Scope3 to guide them on their sustainability journey, this investment makes it clear — sustainability is here to stay.

“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,” said Brian O’Kelley, Co-Founder and CEO, Scope3. “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.”

O’Kelley continued: “Every major company is going to have a sustainability platform for media and advertising 24 months from now. I'm 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.”

“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,” said Erik Nordlander, General Partner at GV. “The company’s focus on measurement and reduction takes the right approach to decarbonization 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.”

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.

Additional investors in this round include Room40 Ventures and Venrock.