Berlin-based GreenTrade has reportedly closed its pre-seed round, as it builds its blockchain-based marketplace for carbon credits and impact claims.
The company raised the capital from Cerulean Ventures, which acted as the lead investor, according to a report from EU Startups. Other commitments came from Draft Ventures, Allegory and Flori Ventures.
Several angel investors also joined the round, including Tom O’Keefe and Climate Capital founder Sundeep Ahuja.
While the exact size of the investment was not disclosed, it is a ‘near-seven-figure’ deal.
This capital injection will allow GreenTrade to expand and accelerate its effort of mitigating the impact of climate change.
Founded in 2022, GreenTrade is on a mission to realise the supply of one billion tonnes of CO2 by 2030. It is doing this by helping developers realise new offsetting projects while empowering companies to fulfil their Net Zero commitments.
GreenTrade connects pricing stability and supply guarantee for businesses while developers can access liquidity at an early stage and accelerate their growth of carbon projects.
The company has built a marketplace for carbon credits from sustainable and transparent environmental projects. The creation of carbon credits and their transactions are recorded on the blockchain. This token protocol also lets project developers and third-party. Verifiers to enter measurement and verification information about carbon projects.
GreenTrade co-founder and CEO Frederick Leuschner said, “On the one hand, project developers face high up-front costs to generate carbon credits only in the future. On the other hand, companies committed to reducing their environmental impact are competing for a fast-dropping inventory of already existing credits.
“We use forward contracts to close this gap: project developers receive financing right away and corporate buyers get access to high-quality projects while protecting themselves against future price surges.”
Carbon offsetting is becoming a major trend in the financial market. Capricorn recently reached carbon neutral status after it partnered with Evertreen to plant a tree for every completed mortgage.
Copyright © 2022 FinTech Global
