Patch is a technology company.
Patch has raised $93.1M across 8 funding rounds.
Key people at Patch.
Patch has raised $93.1M in total across 8 funding rounds.
Patch has raised $93.1M in total across 8 funding rounds.
Patch's investors include Acequia Capital, Air Street Capital, AngelList Syndicator, Backed VC, Entrepreneur First, Episode 1 Ventures, foobar.vc, Seedcamp, Sequoia Capital, Andy Chung, Charlie Songhurst, John Collison.
Patch is a technology company building a digital marketplace and APIs that enable businesses and consumers to purchase high-quality carbon offsets and removal credits, simplifying efforts to achieve net zero emissions. It serves enterprises, e-commerce platforms, and consumers facing unavoidable emissions from operations like travel, shipping, and cloud computing, solving the challenges of sourcing, validating, and reporting on effective climate projects without building internal sustainability teams.[1][2]
Patch's growth is tied to surging demand for sustainability tools, with its API enabling carbon-neutral features in shipping, banking, and travel apps, generating recurring revenue from transaction fees as sales volumes rise. The marketplace supports one-off offsets for internal operations, positioning Patch as a leader in programmatic climate action amid rapid market expansion.[1][2]
Patch was founded in 2020 by Aaron Grunfeld and Brennan Spellacy, who met at the University of Pennsylvania. Brennan, passionate about software and climate change, had studied computer science and worked on climate initiatives, while Aaron brought software engineering experience from roles post-graduation. Their idea emerged from recognizing businesses' need for easy, reliable carbon offsetting to complement decarbonization efforts, leading to Patch's API and marketplace.[1][2]
Early traction came from integrating offsets into customer checkouts and operations, with pivotal moments including partnerships that validated high-integrity projects like reforestation and landfill gas capture. Registered as PATCH TECHNOLOGIES LTD in the UK, the company quickly gained momentum in the resiliency and adaptation sector.[1][2][4]
Patch stands out in the carbon offset market through these key strengths:
Patch rides the net zero and climate tech wave, capitalizing on regulatory pressures (e.g., ESG mandates) and consumer demand for sustainable products amid global decarbonization goals. Its timing aligns with maturing carbon markets, where businesses must offset Scope 3 emissions from supply chains and customer use, a market projected to grow rapidly as tools like APIs democratize access.[1][2]
Favorable forces include tech giants' sustainability pledges and e-commerce booms amplifying emissions, which Patch counters by embedding offsets at checkout. It influences the ecosystem by scaling "climate-positive" apps, fostering developer communities, and promoting responsible removal over traditional offsets, potentially setting standards for integrity in a fragmented space.[1][3]
Patch is poised to dominate as the go-to platform for unified climate action, expanding its API ecosystem and project portfolio amid rising carbon prices and AI-driven emissions tracking. Trends like mandatory disclosures and novel removals (e.g., direct air capture) will fuel growth, with potential for enterprise deals and global expansion.
Its influence may evolve into a full climate strategy hub, empowering more businesses to "rebalance the planet" programmatically—turning today's offset marketplace into tomorrow's decarbonization backbone, much like how APIs revolutionized payments.[1][2][3]
Key people at Patch.
Patch has raised $93.1M across 8 funding rounds. Most recently, it raised $4.0M Seed in March 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2023 | $4.0M Seed | Acequia Capital, Air Street Capital, AngelList Syndicator, Backed VC, Entrepreneur First, Episode 1 Ventures, foobar.vc, Seedcamp, Sequoia Capital, Andy Chung, Charlie Songhurst, John Collison, Nicolas Berggruen, Patrick Collison, Richard Fearn, Vincent Jacobs, Zehan Wang | |
| Sep 1, 2022 | $55.0M Series B | Kevin Hartz, Accel, Andreessen Horowitz, Bond, C2 Investment, Chemistry VC, Cherry Ventures, Coatue, Contrary Capital, Creandum, Defy Partners, Energize Ventures, Long Journey Ventures, MaC Venture Capital, Jonathan Golden, Next Play Ventures, NextView Ventures, S28 Capital, Sequoia Capital, Streamlined Ventures, Tribe Capital, Uncork Capital, Walden International, Y Combinator, Charlie Songhurst, Derrick Li, Emil Lee, Gokul Rajaram, John Collison, John M. Mueller, Joshua Reeves, Maria Raga, Matthias Hilpert, Paul Forster, Peter Reinhardt, Ravi Grover, Sahin Boydas, Varsha Rao | |
| Sep 1, 2021 | $21.0M Series A | Bond, C2 Investment, Coatue, S28 Capital, Sequoia Capital, Derrick Li, John Collison, Joshua Reeves, Peter Reinhardt | |
| Feb 1, 2021 | $5.0M Seed | Kevin Hartz, Andreessen Horowitz, C2 Investment, Cake Ventures, Defy Partners, First Round Capital, FPV Fund, Long Journey Ventures, MaC Venture Capital, Jonathan Golden, NextView Ventures, SciFi VC, Sound Ventures, Susa Ventures, Uncork Capital, Voyager Ventures, Emil Lee, Jeremy Zimmer, John M. Mueller, Leonardo DiCaprio, Louis Beryl, Marc Benioff, Ryan Tedder, Sahin Boydas, Varsha Rao | |
| Apr 1, 2019 | $4.0M Venture Round | Octopus Ventures | |
| May 1, 2018 | $3.0M Series A | Octopus Ventures | |
| May 1, 2017 | $770K Seed | 7percent Ventures, Chai Angels, Fabric Ventures, Uncork Capital, Andreas Mihalovits, Charlie Kemper, Charlie Songhurst, Curtis Chambers, Pip Wilson, Will Martin | |
| Mar 1, 2016 | $360K Seed | Fabric Ventures, Uncork Capital |
