Pachama Brings Series B Funding Round To $64M With $9M In Fresh Capital

Pachama Brings Series B Funding Round To US$64M With US$9M In Fresh Capital - Carbon Herald
Source: Pachama

San Francisco-based carbon credit platform Pachama has successfully raised an additional $9 million in an extension of its Series B funding round, bringing the total to $64 million, according to a company statement on Tuesday.

The extension was led by T.Capital, the corporate venture capital arm of Deutsche Telekom (ETR: DTE), as new investor, alongside existing investors Lowercarbon Capital and Positive Ventures.

This funding round brings the cumulative capital of Pachama to $88 million, including contributions from other entities like Future Positive, Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, Serena Williams, Ellen DeGeneres, and Laura Dern.

In contrast to recent carbon market trends, Pachama reported a remarkable 57% year-over-year growth in credits retired during Q3 2023.

This growth is attributed to increasing demand from corporations and project originators seeking the high standards of quality and reporting transparency offered by Pachama in the field of forest preservation.

Relevant: Pachama Announces Major New Forest Carbon Purchase From Mercado Libre

The company’s commitment to addressing climate change involves utilizing AI applied to geospatial data for climate mitigation.

“Over the past year, the world recognized the importance of ensuring integrity, transparency, and impact in carbon markets, and that’s what Pachama has been working on since our inception. This additional capital will allow us to continue advancing this critical mission,” CEO and co-founder Diego Saez Gil said in a comment.

The new capital injection will be channeled into further research and development in AI applications for geospatial data, as well as the creation of new products and services to cater to the needs of companies and project developers.

Furthermore, Pachama announced the appointment of Ebony Beckwith, former Chief Business Officer at Salesforce, as an Independent Board Member.

Beckwith’s expertise, particularly in philanthropy, is expected to contribute significantly as Pachama continues its mission to lead in the climate tech sector.

Read more: Pachama Launches First AI-Based Forest Project Evaluation Tool

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