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§ Private Profile · London, United Kingdom
Patch is a technology company.
Patch offers an API-first platform that facilitates carbon credit transactions, enabling businesses to seamlessly integrate carbon removal and avoidance into their products and services. The company’s technology provides a centralized marketplace, allowing enterprises to discover, purchase, and manage various carbon credits from a diverse portfolio of climate projects. This infrastructure simplifies the complex process of carbon accounting and offsetting, making climate action more accessible and scalable for organizations of all sizes.
The company was co-founded by Brennan Spellacy and Aaron Grunfeld, emerging from a shared insight into the fragmented and opaque nature of carbon markets. Spellacy, with a background spanning chemical engineering and product roles at firms like Shopify, recognized the need for a robust, developer-friendly solution. Their vision was to build a platform that could streamline the connection between businesses aiming to mitigate their environmental impact and verified carbon offset projects.
Patch primarily serves businesses looking to develop and execute comprehensive carbon strategies, from startups to established enterprises. Its clients leverage the platform to embed climate action directly into their operational models, allowing them to confidently address their carbon footprint. The company's overarching vision is to accelerate the transition to a carbon-negative economy by democratizing access to high-quality carbon removal and avoidance solutions, fostering broad participation in climate mitigation efforts.
Patch has raised $97.9M across 10 funding rounds.
Key people at Patch.
Patch has raised $97.9M in total across 10 funding rounds.
Patch has raised $97.9M across 10 funding rounds. Most recently, it raised $3.7M Other Equity in March 2023.
Key people at Patch.
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]
Patch has raised $97.9M in total across 10 funding rounds.
Patch's investors include Active Partners, Blue Wire Capital, Jon Wright, Triple Point Ventures, Vectr7, Caroline Plumb, Emma Woods, Jeremy Sanders, Matt Clifford, Peter Roberts, Simon Murdoch, Wendy Becker.
