Climate intelligence for the parts of the market nobody could measure - private assets.
Above: the Pathzero mark. The company builds the data-sharing network that lets asset owners and fund managers exchange carbon data securely - counting the emissions hiding inside investment portfolios.
Ask a fund manager for last quarter's returns and the answer is instant. Ask for the fund's financed emissions - the carbon embedded in what it owns - and, historically, the room went quiet. Pathzero, a Sydney climate-tech company founded in 2020, built the platform and the network to answer that second question.
A financial institution's own operational footprint is usually a rounding error next to the emissions of the companies it funds. Those "financed emissions" are the hardest number in sustainability reporting, and they are hardest of all in private markets, where there is no ticker, no filing, and no rating agency estimate to lean on. Pathzero's answer was not another dashboard. It was a secure data-sharing network that connects asset owners with the fund managers below them, so emissions data flows direct from source instead of being modeled from afar.
Pathzero describes its coverage as more than one-third of the entire investible private-market universe - the largest private-market carbon emissions data network in the world.
Regulators and investors increasingly treat climate risk as a fiduciary duty, not a nice-to-have. But you cannot decarbonize what you cannot measure - and private assets rarely disclose. Estimates from ratings agencies fill the gap for public equities; in private markets they run thin, inconsistent, and impossible to audit.
Pathzero's thesis: transparency is a network problem. Get counterparties to share verified data securely, align it to recognised standards, and the numbers stop being guesses.
The platform tracks all three emissions scopes against the GHG Protocol and the PCAF financed-emissions standard. Users identify hotspots, set carbon targets and run scenario analysis aligned with the Paris Agreement.
Crucially, Pathzero integrates its private-market network data with public-market data from providers like MSCI and S&P Global - one unified view, from raw ingestion through to audit-ready disclosure.
PCAF- and GHG-Protocol-aligned tooling for asset owners and fund managers to quantify, manage and disclose portfolio emissions across all three scopes, with Paris-aligned scenario analysis.
A secure, multi-party network connecting asset owners with 500+ fund managers - enabling direct-from-source data collection instead of modeled estimates.
Blends private-market network data with public-market data from MSCI and S&P Global for portfolio-wide climate risk assessment.
Structured emissions collection, benchmarking and audit-ready reporting for corporate GHG inventories and regulatory disclosure.
The 2022 Series A+ was led by Carthona Capital - itself a Pathzero customer - with participation from Clyde Bank Holdings and Antler. Earlier backers include Marbruck Investments.
Institutional investors and the funds beneath them: superannuation giants, private-market firms and asset owners. Named users include StepStone, HESTA, Aware Super, IFM Investors, ROC Partners and Carthona Capital.
Pathzero sits below - and alongside - the ratings agencies. Where S&P Global, MSCI, Sustainalytics and boutique consultants estimate emissions from the outside, Pathzero collects them from the inside. Its differentiator is a "radical transparency" network model: fund managers contribute their own data and share the value, rather than having it monetised downstream.
Carl Prins and Charbel Ayoub start Pathzero inside the Antler incubator in Sydney.
Raises seed capital to bring carbon transparency to global investment portfolios.
Carthona-led round lifts total Series A funding to A$15.6M as demand for financed-emissions tools surges.
Named to HolonIQ's Australia & New Zealand Climate Tech 100.
Wins AFR BOSS Most Innovative Company and achieves ISO 27001:2022 certification.
Recognised on the AFR Sustainability Leaders list as the network scales across trillions in assets.
Methodology aligned to PCAF and the GHG Protocol - the recognised frameworks for financed and corporate emissions.
ISO/IEC 27001:2022 certified and SOC 2 Type 2 attested - the reason wary counterparties will share sensitive data.
AFR BOSS Most Innovative Company 2024, AFR Sustainability Leaders 2025, HolonIQ Climate Tech 100.