Pachama – the innovative carbon credits platform announced it raised $55 million in a Series B funding round led by venture capital firm Future Positive and backed by talk-show host Ellen Degeneres, actress Portia De Rossi, PLUS Capital, Reddit co-founder Alexis Ohanian, ReGen Ventures and 20VC.
Previous investors in the startup include Bill Gates’ Breakthrough Energy Ventures and LowerCarbon Capital.
Pachama is a technology company founded in 2018 with the mission of restoring nature to solve climate change. The platform uses AI and remote sensing to verify and monitor carbon capture by forests to help finance conservation and reforestation projects.
In the last 3 years, the startup has worked with 39 project developers in 15 countries and has reviewed more than 150 forest projects globally to accelerate carbon neutrality.
“Scaling carbon markets will play a critical role in our collective ability to decarbonize… Pachama is building the infrastructure to support functioning carbon markets by providing vital transparency and accountability around how carbon credits are issued and transacted,” said Fred Blackford, Founder and Managing Partner of Future Positive.
An increasing number of companies globally are buying carbon credits from forest projects to help offset their emissions. However, those carbon credits are often criticized for lacking reliability, transparency and most of all efficiency as it is hard to accurately estimate how much CO2 has been sequestered by forests.
Pachama aims to address this problem and provide a solution to carbon monitoring by providing accurate data to companies buying forests carbon credits to help them meet their net-zero targets. According to the company, its technology is also scalable is it is affordable for companies of any size.