CO2 removal marketplace Nori announced on June 6 that it has raised $6.25 million in a funding round was led by Nori’s existing investors M13, Toyota Ventures, Placeholder, and Cargill. The company also announced it has appointed serial entrepreneur and investor Matt Trudeau as the Nori’s new CEO.
The announcement comes as the company prepares to scale its marketplace to support its largest-ever sale of CO2 removal credits in collaboration with pharmaceutical and biotechnology company Bayer. Nori is also looking to expand its CO2 removal product offerings on its marketplace.
Nori, which is based in Seattle and founded in 2016, aims to support the scale-up of the CO2 removal sector and address climate challenges through the establishment of a large-scale CO2 removal market. The carbon marketplace has set a target to develop solutions to remove 1.5 trillion metric tons of carbon from the atmosphere.
Nori’s new CEO Matt Trudeau has previously served as Managing Partner at 10x Markets, a strategic consulting and advisory for startups and established businesses that focus on topics such as electronic trading, fintech, capital markets, and cryptocurrencies. Trudeau has led or assisted in 12 market launches and has expertise in regulated financial markets, market structure, trading technology, and blockchain, among others. Paul Gambill, who is the company’s founding CEO, will stay on as Chief Product Officer and board member.
Relevant: Nori And Bayer Partner To Bring Hundreds Of Thousands Of CO2 Removals To Market
“Under Paul’s leadership, Nori has established an exceptional team, brand, technology platform, innovative products, and strategic commercial relationships,” said Trudeau. He also said that the opportunity to advance the CO2 market strongly aligns with his previous experience in financial and commodities markets.
Nori helps address a key societal and industry challenge by enabling a transparent CO2 removal marketplace, said Jim Adler, founder, and general partner at Toyota Ventures.
