Scope 3 has raised a $20 million Series B funding round, led by Google Ventures, that will go toward the development of the company’s collaborative sustainability platform (CSP).
With the goal of decarbonizing media and advertising, Scope 3’s CSP visualizes the ad ecosystem and identifies its emissions and carbon reduction potential. Funding will also go to growing the company’s team of advertising, tech, and sustainability experts and expanding its data and measurement capabilities.
Scope3 was founded in December of 2021 when it introduced an emissions model to map and calculate the entire digital advertising supply chain. Through the platform, ad companies may see their emissions and make data-informed carbon reduction decisions. The platform also includes carbon reduction products, or Green Media Products, currently being used by the industry to reduce emissions.
“The climate crisis is an urgent and global problem,” said Brian O’Kelley, co-founder and CEO of Scope3. “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.”
Media and Advertising Carbon Impact, Emissions Reduction Commitments
While not necessarily the first industry that comes to mind in terms of environmental impact, media and advertising is estimated to cause about 3.5% of global emissions. A single ad campaign reportedly causes about 70 tons of carbon emissions.
Scope3 notes that many global brands and advertisers have made carbon commitments, are preparing for regulatory requirements, and are partnering with other companies to implement more sustainable practices. Some companies working with Scope3 include MasterCard, Insider, and Microsoft’s MSN, among many others. To help companies track their carbon impact, Scope3 identifies the highest emitting domains for carbon emissions in the sector, what it calls Climate Risk Websites, and also works to configure ad buys that will result in reduced energy consumption.
According to O’Kelley, every major company will have a sustainability platform for media and advertising within the next two years.
“At Scope3, we’re building a business that will serve as the foundation for the next generation of media and advertising,” said O’Kelley. “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.”
Google Ventures reported confidence in Scope3’s ability to move the digital ad industry toward climate progress. Room40 Ventures and Venrock also joined Google Ventures in this investment round.