Global Association for ESG
6 Apr 2023
Agreena, a climate and fintech startup focused on regenerative farming, announced a €46 million (USD$50 million) Series B financing headed by venture capital investor HV Capital.
Agreena, headquartered in Copenhagen, is a soil carbon certification platform that helps farmers transition to regenerative agriculture practises by issuing third-party verified carbon certificates.
Regenerative agriculture practises seeking to reduce the sector's environmental effect by improving and restoring ecosystems, improving soil health and fertility, reducing emissions, improving watershed management, increasing biodiversity, and improving farmers' livelihoods. Agreena's platform enables farmers to plan, track, and validate improvements by implementing regenerative practices, while the certificates also provide companies looking to offset their emissions with carbon credits from capturing and storing carbon in the soil, as well as providing companies in the food supply chain with field-level traceability of their agricultural commodities to meet Scope 3 reporting requirements.
Agreena Co-Founder and CEO Simon Haldrup stated:
"In order for the world's farmers to transition to regenerative agriculture and have a scalable climate impact, financial rails must be built to support and compensate them." As the agriculture value chain becomes a focal point for decarbonisation initiatives, Agreena is expanding its technological and financial services infrastructure."
The capital raise follows Agreena's €20M Series A in 2022, with the company extending its geographic reach to 16 European countries and scaling its activities 10x since then, assisting in the transition of over 600,000 hectares to regenerative farming. Last year, the business also acquired remote sensing firm Hummingbird Technologies, expanding its offerings to include Agri data services for supply chain players, governments, and other institutions.
New investors included impact fund AENU and fintech-focused Anthemis, as well as current investors Gullspng Re: food, Kinnevik, and Denmark's Export and Investment fund.
HV Capital associate Alexander Joel-Carbonell stated:
"Agreena is perfectly positioned to distribute their carbon farming capabilities across the globe to bring high-quality, verifiable, and nature-based carbon credits to the market." Net zero targets can only be reached with carbon removals."