Carbon accounting innovator Sumday has closed a $5.3 million funding round led by Planeteer Capital and returning investors Blackbird, Wedgetail and Possible Ventures.  

Tasmania-based Sumday has created a carbon accounting platform and provides an education service. It is expanding into Europe and the US.

Insurers are preparing for mandatory reporting of insurance-related indirect greenhouse gas emissions. The Scope 3 reporting standards assess the entire value chain’s emissions impact, and one of the main activities to be monitored is insurance for motor vehicles. 

“We started preparing carbon accounting assessments for clients – over 90% of emissions came from the supply chain and precisely 0% of that data was collected from those companies,” Sumday CEO and co-founder Jessica Richmond said. 

“The whole world was calculating emissions based on industry averages despite a tidal wave of incoming legislation to mandate this reporting and net zero targets being publicly shared. This funding means we can continue democratising access to robust, audit-ready greenhouse gas accounting across the globe. Whether companies want to handball this work to their accountant or upskill internally, we’ve got their back.” 

Ms Richmond says more than 50 accounting firms have used Sumday to train teams and equip them with greenhouse gas accounting software. 

Sumday is “used by public companies through to the smallest businesses in the supply chain”, she says. “For companies doing this work internally, Sumday has shared not only the accounting tools, but practical courses and support. They’re asking suppliers the right questions and sharing the resources they need to take action. 

“These are the challenges nearly every company is facing and our commitment to solving those problems has resulted in partnerships, customers and investors that we only imagined 18 months ago.”