Global carbon ratings agency BeZero Carbon has raised $32 million Series C, bringing its funding to over $104 million.
London-headquartered BeZero Carbon is a global ratings agency for the voluntary carbon market, providing independent assessments of carbon credits’ efficacy in achieving CO2 avoidance or removal.
The company uses a comprehensive analytical framework to evaluate carbon projects across various risk factors, assigning ratings on a seven-point scale from AAA+ to A.
The fundraise cements the role of independent, risk-based, project-level ratings as a measure of quality for carbon markets.
Beyond major corporations, an increasing number of countries, international organisations, such as the European Union and United Nations, and industry initiatives, such as the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), are looking to carbon markets to reach net zero.
When BeZero first launched its ratings platform in 2022 there was no correlation between the climate impact of a carbon project and the price of a carbon credit. Now, in 2025, every incremental BeZero Carbon Rating notch on BeZero’s 8-point rating scale commands an average 40 per cent price premium.
BeZero has customers in over 30 countries across six continents, with ratings available on over 40 platforms, enabling users to access ratings, data, and scientific analysis for over 480 carbon credit projects, has more than 100 corporate subscribers globally, including UBS, Sumitomo, Emirates NDB, Equinor, Woodside Energy, and ERM.
The company asserts that a $100 billion carbon market would support 17 million jobs globally, larger than the current oil and gas industry, and channel $700 billion annually into climate action.
BeZero will be investing the new funds in expanding its ratings coverage for these markets, and continue investing in automation.
Tommy Ricketts, CEO and co-founder of BeZero Carbon, said:
“The funds will allow us to sustain our pace of innovation and expand our ratings coverage to compliance carbon markets, such as Article 6 and CORSIA, and the voluntary carbon market.”
Temasek-founded GenZero led the round with additional investment from the Japan Airlines and Translink Innovation Fund. Existing investors EDF Pulse Ventures, Hitachi Ventures, Illuminate Financial, Intercontinental Exchange (ICE), Molten Ventures, Qima, and Quantum Innovation Fund also committed fresh capital.
Frederick Teo, CEO of GenZero, said:
“By leveraging data, internal scientific expertise and methodological insights to analyse carbon projects, BeZero’s work will foster greater confidence in carbon markets, and catalyse more capital and demand.
Takao Suzuki, Executive Officer, Senior Vice President – Innovation at Japan Airlines, revealed that the company is actively implementing a range of emission reduction strategies, including upgrading to fuel-efficient aircraft, utilising Sustainable Aviation Fuel (SAF), participating in carbon credit trading, and adopting innovative technologies that contribute to society-wide CO2 reduction.
“We believe BeZero’s carbon ratings enhance the transparency and reliability of the carbon market, attracting greater capital and broader participation while playing a pivotal role in the CORSIA market.
Through our collaboration with BeZero, we aim to foster the development of a robust carbon ecosystem and accelerate our progress toward achieving net-zero CO2 emissions.”
