Andreessen Horowitz is a venture capital firm based in Silicon Valley founded by Marc Andreessen and Ben Horowitz. They invest in early-stage startups as well as established growth companies.
According to a TechCrunch article, Patch, the carbon offset API developer, confirms Andreessen Horowitz investment in their company.
In September 2021, the initial funding of Patch was made by VersionOne Ventures.
Patch, founded by Brennan Spellacy and Aaron Grunfeld, helps businesses of all sizes build sustainable products and put their climate goals on autopilot with just a few code lines.
It integrates with businesses to calculate their carbon footprint, identify and fund verified carbon removal projects to offset equivalent carbon dioxide emissions emitted by the business.
As per VersionOne Ventures investment announcement, “The Patch API allows developers to leverage data already captured to neutralize their carbon impact via a diverse selection of carbon sequestration projects. As a result, businesses can ship climate positive products, whether at an additional opt-in cost to the customer or built-in to their pricing strategy.”
Image Courtesy: Patch
However, a major Concern with Patch is that it's serving its customers with services that can be obtained as an alternative for carbon emissions. Businesses will start looking at offset as a substitute for emitting carbon emissions instead of using sustainable or clean energy options to eliminate carbon emissions from their day-to-day operations.
Although Patch founders Brennan Spellacy and Aaron Grunfeld emphasized in an interview that the company’s offset work should not be viewed as an alternative to the decarbonization of businesses that use its service. Rather, they see Patch’s services as a complement to other work companies need to do to transition away from a reliance on fossil fuels in business operations.
The seed funding round was led by Andreessen Horowitz along with participation from VersionOne, Pale Blue Dot Ventures, and Maple VC.
The company will also be using the money to hire more staff and to develop new products. Currently, Patch has six employees, intending to hire 24 more by the end of the year.
Image Courtesy: Patch
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Ayushi is currently pursuing Chartered Accountancy. No secrets there that she loves to read! She believes words have the power of healing and is a medium that can convey like no other. She hopes to connect with people through her empathy, thoughtfulness, and by adding value to their lives.