Nori, a climate change startup “developing a marketplace for carbon removals,” has revealed a $4M closing round from Placeholder, North Island Ventures, Tenacious Ventures, and more, according to a press release from the group.
These funds will be used to “expand the team, onboard more carbon removal suppliers (i.e. farmers), and launch an industrial-grade carbon marketplace,” the release continues.
Speaking on the matter is Paul Gambill, the CEO of Nori, who said:
“Nori’s mission is to reverse climate change. Climate change is caused by too much CO2 in the atmosphere, and farmers have the potential to store billions of tonnes of CO2 in their soil by using regenerative practices. Our marketplace creates significant financial incentives for them to adopt these practices and pull meaningful quantities of carbon dioxide out of the air.”
Nori utilizes the blockchain to build transparency, audibility, and solve the “double counting” issue in the industry, the release also notes.
Placeholder led the round, and one of its partners, Chris Burniske, said:
“With Nori, farmers can adopt regenerative practices like planting cover crops in empty fields over the winter and get paid for doing so, as the same process that rejuvenates the soil also sequesters carbon. In pursuit of an elegant solution to a tough problem, Nori has employed a host of cutting edge technologies, including blockchains, to account for and audit the carbon-backed assets produced by farmers. As one of Placeholder’s first investments that bridges the gap between crypto and the ‘real-world,’ we couldn’t be more excited to see how Nori scales the trust and utility of carbon markets.”