Pachama, the tech company on a mission to restore nature, just beefed up its Series B funding with an extra $9 million. The extension, led by T.Capital, Deutsche Telekom’s venture capital arm, along with existing investors Lowercarbon Capital and Positive Ventures, has now propelled Pachama’s Series B total to $64 million.
This additional capital comes at a time when Pachama is making waves, experiencing a whopping 57% year-over-year growth in credits retired in Q3 2023. This growth is linked to a rising demand from corporations for Pachama’s commitment to quality and transparent reporting in forest preservation.
The new funds are not just business as usual. Pachama plans to channel them into further research and development, focusing on the essential realm of AI applied to geospatial data for climate mitigation. This move aligns with their dedication to providing companies and project developers with even more innovative products and services.
Diego Saez Gil, CEO and co-founder of Pachama, highlighted the urgency of their mission, saying, “Science tells us that we can’t solve the climate crisis without protecting nature and removing carbon. Pachama continues to drive the investment needed to restore forests at scale to draw down carbon, restore biodiversity, and uplift communities around the world.”
Pachama’s commitment is evident not only in their impressive funding rounds but also in their partnerships. The company collaborates with corporations and financiers looking to invest in reforestation projects for carbon sequestration. Recent alliances include a significant investment from Latin America’s Mercado Libre and a unique $12 million project in the Lower Mississippi River Valley with Ducks Unlimited and PERENfra.
In addition to the funding news, Pachama has brought Ebony Beckwith, former Chief Business Officer at Salesforce, on board as an Independent Board Member. With her experience leading Salesforce’s philanthropic efforts, Beckwith is expected to play a crucial role in steering Pachama’s climate tech sector leadership.