Japanese climate-tech company Asuene has raised ¥13.5 billion—approximately US$90 million—in a Series D round.

The financing includes ¥6.8 billion in newly issued shares, a ¥3.7 billion secondary transaction involving existing shareholders and employees, and debt financing from Sumitomo Mitsui Banking Corporation.

The transaction brings Asuene’s total funding to ¥25 billion, or approximately US$167 million.

The round was led by Decarbonization Partners, the climate-focused investment partnership established by BlackRock and Singapore’s Temasek. It represents the fund’s first investment in a Japanese startup.

Founded in 2019, Asuene initially focused on helping companies calculate, visualise and reduce their greenhouse-gas emissions.

Its principal cloud platform, ASUENE, enables businesses to organise emissions data and prepare environmental disclosures.

The company has since expanded into supply-chain management, ESG assessments, third-party assurance, carbon credits and energy management.

This broader approach is particularly relevant for manufacturers.

Companies are increasingly expected to understand not only emissions produced directly by their own operations, but also Scope 3 emissions generated across raw materials, logistics, suppliers and product use.

Collecting this information from potentially thousands of business partners is difficult. Asuene wants to provide a common platform through which companies can request, verify and manage sustainability data across their supply chains.

Alongside the Series D announcement, Asuene revealed that it would acquire all shares in the British company 2degrees Ltd.

2degrees operates Secaro, a supply-chain carbon-management platform used by a network of more than 8,000 companies across over 90 countries.

The acquisition price could reach ¥6 billion—approximately US$40 million—depending on future performance. It is Asuene’s eighth acquisition.

Secaro gives the Japanese company an existing network of European and international manufacturers, along with the supply-chain data and commercial relationships needed to support overseas expansion.

The transaction therefore does more than add another software product. It offers Asuene a route into markets where it would otherwise need years to build customers and supplier networks independently.

Asuene’s Series D makes its ambition clear: it no longer wants to be viewed simply as a Japanese carbon-accounting startup.

The company is attempting to build an international sustainability-data platform spanning Japan, Asia, Europe and North America.

Acquisitions can accelerate that process, but they also create new risks.

Products, customer databases, sales teams and working cultures must be integrated. If the acquired businesses continue operating as disconnected units, a growing number of transactions may not produce a coherent global platform.

Asuene must also preserve the reliability of the environmental information processed by its systems.

Artificial intelligence may reduce manual work and help companies classify large volumes of supplier data. But emissions disclosures and ESG assessments require accuracy, traceability and, in many cases, independent verification.

Automation cannot come at the expense of auditability.

Decarbonization Partners’ participation gives the round an international significance beyond its size.

The fund combines BlackRock’s global investment platform with Temasek’s experience backing businesses across Asia. Choosing Asuene for its first Japanese startup investment suggests that international climate investors see potential in exporting sustainability infrastructure developed around Japanese corporate supply chains.

The secondary component is also notable. By purchasing shares from existing shareholders and employees, the transaction provides some liquidity before an IPO or full exit—an option that remains relatively uncommon among younger Japanese technology companies.

Three questions will determine whether the strategy works.

First, can Asuene integrate Secaro with its existing products and customer data?

Second, can it convert the acquired European network into recurring international revenue?

Third, can the company maintain reliable and verifiable sustainability data while expanding its use of AI?

The ¥13.5 billion Series D gives Asuene the capital to pursue a much larger market. Its next test is proving that eight acquisitions and multiple products can become one commercially coherent global platform.

US-dollar conversions are approximate.

SAKIME
East Asian startups, technology and international investment opportunities.
Web: sakime.jp
Author — Adrià Mas Rodríguez