Climate fintech company Evergrow nabs $7M seed from XYZ Venture Capital, Congruent Ventures and First Round –
Summary
“We have set the goal internally of supporting the avoidance, reduction or removal of one gigaton of CO2e by 2030; scaling to a billion tons a year shortly there after,” Richards states. With CEO Richards’ background as a former Wall Street lawyer, serial entrepreneur and early-stage investor, and Whiting’s data and software experience as former founding COO of Clearbit, Evergrow shows promise in tackling this enormous challenge. Standardizing the underwriting process is only possible now because the industry has hit a critical mass of data points and success metrics for carbon projects. “Investors get the benefit of aggregation and pooling and also levered exposure to the underlying.” The set price of a long-term offtake agreement allows stability for the developer and financing partners with understandable risk growth. Evergrow has a handful of notable individuals investing in the startup — Bridgewater Associates Sustainability investor Karen Karniol-Tambour, Plaid CEO Zach Perret and Instacart co-founder Max Mullen, among others.