BeZero Carbon, the global carbon ratings agency, announces a US$32 million Series C led by GenZero, with additional funding from the Japan Airlines and Translink Innovation Fund.
The fundraise demonstrates investor confidence in the integral role of independent carbon ratings as critical market infrastructure for a net zero world.
The new funds will be used to invest in expanding BeZero’s ratings coverage of domestic and sovereign compliance markets, as well as CORSIA.
The round is led by Temasek-founded GenZero, a decarbonisation-focused global investment firm headquartered in Singapore, 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.
The fundraise cements the role of independent, risk-based, project-level ratings as a measure of quality for carbon markets. 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% price premium.
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 NBD, Equinor, Woodside Energy, and ERM.
A US$100 billion carbon market would support 17 million jobs globally, larger than the current oil and gas industry, and channel US$700 billion annually into climate action.
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.
BeZero will be investing the new funds in expanding its ratings coverage for these markets, which together will help channel finance into the climate projects necessary for a sustainable future.
In addition, BeZero will 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 is headquartered in London. It has subsidiaries in global financial hubs New York and Singapore. BeZero’s Chief Innovation Officer and Co-founder, Sebastien Cross, has relocated to Singapore for the coming months.
Tommy Ricketts, CEO and Co-founder of BeZero Carbon, said:
“Securing a Series C in the current climate is a huge vote of confidence in our brilliant team and independent carbon ratings. We wouldn’t be where we are today without the support of our fantastic customers who now more than ever rely on our ratings. 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.”
Sebastien Cross, Chief Innovation Officer and Co-founder of BeZero Carbon, said:
“We are immensely grateful to our investors, clients, and partners who have joined us on our journey to date. Our ratings are quickly becoming a key part of global carbon market infrastructure and their use continues to grow as market participants seek solutions to bolster integrity. I’m extremely proud of the role they are playing in shaping the market as it matures. Singapore is a world leader in innovating and nurturing carbon markets. I’m excited to be based here over the next few months to cement our presence here and in the broader region.”
Frederick Teo, CEO of GenZero, said:
“Carbon ratings play a pivotal role in ensuring integrity and transparency in carbon markets by providing independent, standardised assessments of quality. 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. We welcome BeZero’s presence in Singapore as we develop a global carbon ecosystem here and are excited to work together to build the critical infrastructure required for carbon markets to have impact at scale.”
Takao Suzuki, Executive Officer, Senior Vice President – Innovation at Japan Airlines, said:
“We are 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.”
Minister for Investment Baroness Gustafsson OBE said:
“This investment is a huge vote of confidence in the UK’s innovative green tech industries, and is exactly the kind we want to see as we grow the economy and transition to net zero.”
Julien Villeret, Chief Innovation Officer of EDF, said:
“BeZero’s remarkable growth and product diversification have strongly validated our initial investment decision in 2023. Their expanding customer portfolio and innovative offerings underscore the critical role of transparent, high-integrity carbon markets in shaping a net-zero future. This compelling progress motivated our participation in the latest funding round, as we remain committed to supporting solutions that accelerate global decarbonization efforts.”
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Dani Wiggins, Communications Manager