Temasek Holdings’ GenZero has led a US$32 million ($43.80 million) Series C round into a UK-based carbon ratings agency called BeZero Carbon. GenZero is joined by investors Japan Airlines and Translink Innovation Fund.
Founded in 2020, BeZero’s last funding round was a Series B fundraise at US$50 million led by US-based fund Quantum Energy Partners.
This brings the start-up’s total funding to date about US$100 million. The company rates carbon projects for the voluntary carbon market, which has in recent years been thrown into crisis by scandals around integrity.
According to BeZero, there was no correlation between the climate impact of a carbon project and the price of a carbon credit when it first launched in 2022. Now, in 2025, every incremental BeZero Carbon Rating notch on BeZero’s eight-point rating scale commands a 40% price premium on average.
BeZero says that it will be investing the new funds in expanding its ratings coverage for the markets it operates in, which together will help channel finance into the climate projects necessary for a sustainable future.
BeZero has customers in over 30 countries across six continents, with ratings available on more than 40 platforms, including Bloomberg. The BeZero Carbon Markets platform, which enables 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.
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The start-up says that it will also continue investing in automation, including the application of Artificial Intelligence techniques, and its expert team of climate and data scientists to deliver ratings, data, and risk analytics at scale.
BeZero’s co-founder and chief innovation officer, Sebastien Cross, has relocated to Singapore for the coming months.
