Greenly, the French scaleup building tools to help enterprises track and reduce their carbon emissions, has acquired Swedish competitor Normative. The deal comes amid a climate tech cooldown that has seen funding into carbon accounting startups plummet.

Greenly raised a $52m Series B in 2022, while Normative raised €50m in 2021. The acquisition is valued at €65m. "This is a tough market," said Normative CEO Kristoffer Mörk. "But we have built a strong business."

Greenly has raised €91m since 2019, backed by HSBC and BNP Paribas. Normative had raised €91m from investors including EQT and Summa Equity.

"We are seeing a wave of consolidation," said Greenly CEO Alexis Normand. "This is the right move for us."