Google, Microsoft, Meta, And McLaren Back Mombak's $30M Amazon Reforestation Push, Targeting $600M In Carbon Credit Deals By 2025
Summary
Brazilian startup Mombak has secured $30 million in a Series A funding round led by Union Square Ventures, with participation from existing investors Kaszek, Bain Capital, and AXA IM Alts, as well as new backers Lowercarbon Capital and Copa Investimentos.This funding will support Mombaks mission to restore degraded farmland in the Amazon rainforest using native species and generate carbon credits for companies seeking to offset their greenhouse gas emissions, according to Reuters. The company aims to reach 8 million trees planted by June.We are moving from startup to scale-up, co-founder Gabriel Silva told Reuters. We decided it was time to have a new capital round to invest in this new phase: taking our initial business and doing it in a much larger scale.Mombaks approach involves acquiring or partnering with owners of degraded Amazon land to restore native vegetation, generating carbon credits that companies can purchase to offset their emissions. This model not only helps in carbon sequestration but also contributes to biodiversity and ecosystem restoration in the Amazon.Trending: Donald Trump just announced a $500 billion AI infrastructure deal heres how you can invest in the entertainment markets next big disruptor at $2.25 per share.According to Reuters, Mombak has already signed $150 million worth of carbon removal offtake contracts and expects that number to quadruple within the next year. Meta has also pledged support through its participation in the Symbiosis Coalition, a group that includes Microsoft, Google, and Salesforce, which committed to contracting up to 20 million tons of nature-based carbon removal credits by 2030, according to Reuters.