Climate and fintech company Agreena just completed its Series B funding round and announced it raised €46 million (~$50 million) to scale its carbon farming projects.
The funding round was led by Germany’s top multi-stage investor HV Capital, and includes a number of new investors, such as the fintech-focused Anthemis fund and impact fund AENU.
The new funding comes only a year after the company’s series A round, which landed it a total of €20 million (~$21.7 million) and allowed it to scale its operations tenfold and expand across Europe, covering farmland in 16 different countries.
As a result, Agreena’s geographic footprint is now over 600,000 hectares in size.
The company’s co-founder and CEO Simon Halrdup commented on the importance of investing in regenerative farming by saying: “In order for the world’s farmers to transition to regenerative agriculture and create a scalable climate impact, the financial rails to support and pay them for it need to be built.”
Haldrup also mentioned the fact that agriculture is becoming a stronger “focal point for decarbonisation efforts.”
Relevant: Agreena Receives $4.7M Funding To Promote Regenerative Farming
Indeed, regenerative farming practices have been gaining momentum around the world with both policymakers and businesses recognizing agricultural soil as a powerful means of removing CO2 from the atmosphere – a much-needed measure for climate change mitigation, according to the IPCC.
As one of the world’s most important industries, agriculture and its large-scale adoption of regenerative and sustainable practices will have a critical role to play in other key environmental issues as well, such as food scarcity.
And with the help of companies like Agreena, farmers can leverage the carbon market to turn their climate and other environmental impact into an additional revenue stream, thus propelling the transition.
Read more: Only 1% Of US Farmers Have Carbon Farming Contracts