Climate tech investment marketplace HeavyFinance has raised €3m in its seed funding round as it looks to bolster European growth.
The investment was led by Practica Capital, a Lithuanian venture capital firm.
HeavyFinance has earmarked the capital for European expansion efforts. It currently serves companies in Poland, Portugal, Lithuania, Latvia and Bulgaria.
As part of this growth initiative, the climate tech company plans to double its team of 33 over the course of the next 12 months.
Alongside growth efforts, HeavyFinance plans to use the funds to accelerate the switch from conventional farming to regenerative practices. This includes enrolling 200,000 hectares of regenerative farmland as part of a carbon farming initiative, as well as creating direct access for businesses looking to offset their carbon footprint.
HeavyFinance aims to tackle the climate crisis through financing and loan schemes for companies in the sustainable agriculture space. Its goal is to help remove one gigaton of CO2 emissions by 2050.
Its financing products are used to support soil health and maintenance to reduce emissions from machinery fossil fuel combustion. This removes CO2 from the atmosphere through the biogeochemical pressures of plants, reduce N2O pollution from excessive fertiliser application. It also improves biodiversity and helps farms become more resilient to the effects of climate change, it said.
HeavyFinance founder Laimonas Noreika said, “Tackling climate change must be a united effort, and with almost a third of global greenhouse emissions coming from agricultural products, HeavyFinance is here to lead the charge in the agricultural sector.
“Food growth plays a vital part in the climate battle as a prominent global issue, and connecting investors with farmers and agricultural specialists through our finance platform can help accelerate the adoption of regenerative soil management practices to reduce carbon emissions output throughout Europe.”
In other climate tech news, ESG compliance firm IntegrityNext secured a €100m investment to bolster its position in the German market.
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