CarbonCrop: New CEO and capital raise for AI startup

Wednesday 20 Apr 2022

 
Following a $1.5M seed capital raise in 2020, led by WNT Ventures, Carbon Crop recently raised an additional $1.9m ahead of plans to raise Series A funding later this year. The funding round was again led by WNT Ventures Fund 3, and supported by the Impact Enterprise Fund, K1W1 and Icehouse Ventures Climate Fund.

"Over the last year CarbonCrop has demonstrated market demand for a high quality, remote forest carbon assessment solution and succeeded in delivering this at scale. Along with our mission to support innovative technology in NZ, knowing that the team is already on track to direct tens of millions of dollars to landholders restoring native forest is huge. We’re excited to continue the journey with them as they expand internationally," said Carl Jones of WNT Ventures.

New Zealand AI startup CarbonCrop is on a mission to make carbon credits accessible to landholders across Aotearoa and globally, delivering free eligibility assessments underpinned by Artificial Intelligence (AI)-enabled technology.

Launched in June 2021, CarbonCrop has grown rapidly and assessed over 400,000 hectares of land across New Zealand. It’s on track to deliver more than $15 million in carbon credits to landholders in 2023 alone.

CarbonCrop provides high integrity carbon credit assessments using remote sensing and machine learning to analyse forests without the need for expensive site visits or time-consuming manual mapping. Once a customer signs up, its technology helps to date the forest accurately and compile evidence required to register land to the Emissions Trading Scheme (ETS). This remote approach differentiates CarbonCrop from other forestry providers in New Zealand and lends itself to scaling internationally.

CarbonCrop’s model removes cost barriers to engagement, making carbon credits accessible to a wider range of landholders; instead of charging upfront fees for its services, CarbonCrop receives an ongoing percentage of the carbon credits earned. Since June 2021, over one thousand Kiwis have submitted land for an initial assessment via CarbonCrop. Sites range from small lifestyle blocks with just a few hectares to hill stations with five thousand-plus hectares.

CarbonCrop also welcomes Jo Blundell (pictured) as CEO to drive its ambitious growth strategy with current CEO and co-founder Nick Butcher stepping into the role of Chief Technology Officer (CTO). Jo brings with her a wealth of experience scaling technology businesses including as Chief Revenue Officer at the recently acquired SaaS software provider, Timely.

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Source: CarbonCrop
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