May 12, 2022

Net-zero is next-level greenwashing without supply chain emissions

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Corporate Climate Action

The case is crystal clear

Corporate action on carbon removal is an essential response to climate change. Without business buy-in, there’s fundamentally no chance of reaching the Paris Agreement objectives or the 2030 Sustainable Development Goals.

That’s why carbon removal has emerged as one of the fastest-growing markets fuelled by the world’s increasing recognition of our climate crisis. Across the planet, every legitimate corporation has already pledged or is in the process of making commitments to become net-zero. But unless companies uncover their supply chain emissions, achieving net-zero is nothing more than an empty promise. At worst, it’s next-level greenwashing.  

Why? Well, simply put, if you don’t know what you’re buying, it’s impossible to optimise your external spend or say something credible about your CO2 emissions. The numbers don’t lie.

For the average company, external costs represent more than 50% of all expenses. This is directly linked to its scope 3 emissions, which can comprise more than 80%of its total carbon emissions. Both external costs and carbon emissions are typically controlled by companies’ Procurement Departments, and both remain a black box for most companies today.

“In my previous roles as Head of Procurement in large Danish companies, I’ve personally felt the pain of having no transparency into what I was buying, let alone what I was emitting. A CPO with no clarity on external spend is a huge challenge in itself, but an even more pressing issue for today’s organisations is their inability to report on scope 3 emissions in a meaningful way. The push for reliable, transparent, and data-driven reporting is imperative forlegitimacy. In fact, I believe it’ll be your license to operate short-term”, says Peter Schack, Co-founder and CEO of EIVEE.

EIVEE’s pioneering tech platform combines high-quality spend transparency with a solution that not only automatically identifies improvement opportunities, but also provides full traceability of a company’s entire carbon footprint across its value chain.

“We believe that our integrated platform is an absolute necessity for companies to confidently meet their increasing user and stakeholder demands, as well as comply with the increasingly stricter regulatory requirements related to carbon emissions. All while maintaining a strong focus on the bottom-line agenda. That’s what EIVEE is all about”, continues Peter Schack.

The EIVEE platform offers two modular products: Strategic Procurement and Sustainable Procurement. Strategic Procurement enables companies to gain full control over their external costs through a complete and validated spend visibility, pinpointing actions for improvement and enabling KPI tracking to ensure realisation of financial impact.

The Sustainable Procurement product establishes a fully comprehensive and validated baseline for companies’ scope 1, 2 and 3 emissions, approved for external reporting, which enables progress tracking and pinpoints hotspots and concrete reduction opportunities towards net-zero.

SEED Capital has backed EIVEE’s journey with 4M EUR to accelerate the growth of their groundbreaking corporate solution for both carbon reporting and external cost reductions.

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Testimonial

All companies will need to work with their emission footprint. The largest part of the footprint is typically found within the supply chain where existing solutions for carbon accounting provide little visibility and neither accurate nor useful information. We think the EIVEE way is the only way. They start with getting their customers’ data straight so they can both optimize bottom line and work actively with their carbon footprint. So we love the product, the market and most importantly the super strong team with many years of combined procurement and sustainability experience.
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Niels Vejrup Carlsen
General Partner in SEED Capital
Sustainability made possible and profitable

Accelerating the green transition

EIVEE has already signified their unique position in the market by securing many leading Scandinavian clients. Through SEED Capital’s 4M EUR investment, EIVEE is set to rapidly fuel growth of its customer base throughout Scandinavia. The overall objective is to become the leading platform provider for cost improvements and carbon removal reporting.

Until today, EIVEE has been financed by private business angels and Vækstfonden. SEED Capital joins the journey to help accelerate EIVEE to become the leading platform for procurement and sustainability analytics. The goal for the remaining part of 2022 is to rapidly scale customer acquisition and product development by targeting the broader Scandinavian market.

ABOUT EIVEE

EIVEE, founded in 2020, is an integrated Procurement and Sustainability platform built for companies and organisations around the world. The company originates from Copenhagen, Denmark where most of the team still resides. The EIVEE platform offers full transparency and digitised advisory within external costs and carbon emissions, thereby enabling companies to accelerate their green transition in a profitable way.

 

ABOUT SEED Capital

SEED Capital is Denmark’s largest venture capital fund within the seed segment. SEED Capital specialises in taking Danish founders from seed to series A and follows portfolio companies like Vivino, Lunar, Templafy and Dixa all theway to exit. www.seedcapital.dk 

 

For media enquiries, please contact:

Peter Schack, Co-founder and CEO, +45 30 50 83 21, peter.schack@eivee.io

Zenia W. Francker, Director of Platform, +45 30 71 12 16, zenia@seedcapital.dk