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 Mombak’s 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.
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Mombak’s Ambitious Growth
Since its founding in 2021 by Gabriel Silva, former CFO of Nubank, and Peter Fernandez, former CEO of 99, Mombak has planted 5 million native trees across 45,000 acres, an area three times the size of Manhattan, Reuters writes. 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.”
Mombak’s 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.
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Carbon Credit Demand Soars with Big Tech Support
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. Major companies such as Google, Microsoft (NASDAQ:MSFT), Meta (NASDAQ:META), and McLaren Racing have already committed to purchasing credits from Mombak, a sign that big tech is taking nature-based carbon removal seriously, Reuters writes.
Google recently agreed to buy 50,000 metric tons of carbon credits from Mombak by 2030, marking its first carbon removal partnership in South America. Microsoft, ahead of the curve, also signed a contract in 2023 to purchase up to 1.5 million carbon credits from Mombak. 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.
McLaren Racing, the iconic Formula 1 team, joined this growing list of partners by purchasing credits from the startup as part of its mission to reach net-zero emissions by 2040, Mombak announced. These partnerships signal growing industry confidence in the scalability and quality of Mombak’s carbon removal strategy.
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Public and Private Capital Fuel Climate Restoration
In addition to private equity and venture funding, Mombak recently secured $17.8 million through a joint commitment from Santander Brasil and Brazilian state development bank BNDES, Reuters writes. This makes Mombak the first reforestation project to receive support from Brazil’s $2 billion New Climate Fund, launched in 2023 to advance climate-focused initiatives.
Andy Weissman, managing partner at Union Square Ventures, emphasized the importance of this work, stating, “We believe that carbon removal will be one of the defining industries of the 21st century. We’re proud to support Mombak’s mission to turn the Amazon into a global engine for climate restoration.”
The Road Ahead
With over $200 million raised since its founding, Mombak stands at the intersection of environmental impact and economic innovation. The company’s commitment to large-scale reforestation, combined with demand from global corporations, positions it to lead a new wave of climate restoration rooted in natural solutions.
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This article Google, Microsoft, Meta, And McLaren Back Mombak’s $30M Amazon Reforestation Push, Targeting $600M In Carbon Credit Deals By 2025 originally appeared on Benzinga.com
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