TreeCard has raised $5.12m to continue the development of its wooden Mastercard payment card and its tree-planting scheme.
EQT Ventures led the round, with participation from Seedcamp and Episode 1. The round was also backed by a smattering of angel investors including GoCardless founder Matt Robinson and ComplyAdvantage founder Charlie Delingpole.
TreeCard will use the cash injection to source more talent, support product roll-out across the UK, and expand into the US and key European markets.
TreeCard links with current bank accounts. Regular purchases with the card contribute to tree planting projects by Ecosia, the green search engine and at least 80% of TreeCard’s profits go straight to reforestation projects in 26 countries around the world.
CEO Jamie Cox launched the company in October 2020 alongside CMO James Dugan and CTO Gary Wu.
“We wanted to create a financial product with a difference, one that was far removed from greenwashing and allowed customers to improve the impact of their spending without drastically changing their habits,” Cox said.
“We’re really excited to be backed by EQT Ventures; it was clear throughout the fundraising process that the team really understood and resonated with our mission. As a multi-stage fund, EQT Ventures’ presence across both Europe and the US provides the perfect springboard for us to launch into international markets”.
Tom Mendoza, deal partner at EQT Ventures, added, “TreeCard has the potential to become a leading green finance brand, going where no brand has gone before in creating a de facto platform for impactful financial management. At EQT Ventures, we’re increasingly aware of the environment and the impact that our investments have on the world around us, so we’re really excited to support the TreeCard team, who are actively working with the financial system to create a better future for the planet”.