Climate-focused software startups were a hot area for early-stage investment last year. Now it appears companies are graduating rather quickly to larger rounds and much higher valuations.

That’s the broad finding based on a spate of recent large rounds for companies working on carbon tracking, sustainable investment tools and other areas at the intersection of climate and software.

Using Crunchbase data, we curated a list of 27 climate-focused software companies funded in the past year. Collectively they’ve pulled in more than $1.3 billion.

Now, the sums going into climate software aren’t huge as a portion of venture capital investment overall. Rounds for the 27 companies on our list, for instance, account for less than a quarter of a percent of total venture funding.

What stands out, however, is how quickly this smallish space has been scaling of late. The companies on our list above have collectively pulled in over $640 million in the past year—more than half of their funding to date. Of that sum, over 50 percent came in 2022 alone, indicating there’s a lot of money chasing a limited pool of fundable candidates.

To read the complete article, click here.