Brazilian startup Mombak has secured $30 million in Series A funding to scale up its carbon removal operations centered around reforestation.
The funding round was led by Union Square Ventures (USV), with participation from returning investors Kaszek, Bain Capital, and AXA IM Alts, and new supporters Lowercarbon Capital and Copa Investimentos.
This investment rounds up Mombak’s total raised so far to $200 million, setting the stage for the company’s further growth and advancement.
Speaking to Reuters, Mombak co-founder Gabriel Silva explained, “We are moving from startup to scale-up. We decided it was time to have a new capital round to invest in this new phase: taking our initial business and doing it on a much larger scale.”
Launched in 2021, Mombak has focused its operations on planting native trees on degraded farmland and pasture in Brazil, generating high-integrity reforestation carbon removal credits on the voluntary carbon market.
Its prime mission is reforesting degraded parts of the Amazon, an effort that enables the recovery of the biodiversity in the region and introduces socio-economic benefits for the local population.
In its four years of existence, Mombak has managed to lock in $150 million in carbon removal contracts with buyers looking to address their CO2 emissions. The company hopes to be able to build on the momentum and quadruple this volume in 2025.
Relevant: World Bank Announces New Outcome Bond To Fund Amazon Reforestation In Brazil
Having already planted five million native trees on an area of over 45,000 acres, Mombak has set an ambitious target of reaching eight million planted trees by June.
Commenting on behalf of Union Square Ventures, the lead investor in the Series A round, Managing Partner Andy Weissman shared, “We believe carbon removal will be one of the defining industries of the 21st century. We’re proud to support Mombak’s mission to turn the Amazon into a global engine for climate restoration.”
Read more: Microsoft Buys 1.4M Tons Of Reforestation Credits From Living Carbon
