Paris-based CarbonFarm, a climate tech startup that provides transparency to incentivise sustainable practices in agriculture, has secured €2.5M in its seed round of funding.
The investment was led by TechMind and Racine² which is operated by its founding partners Serena and Makesense. Additionally, the round also saw participation from Ponderosa Ventures, AgFunder, Climate Capital, and BPI France.
Capital utilisation
CarbonFarm will use the funds to promote sustainable and financially viable rice farming and production in Asia, Africa, and South America. According to the company, these regions are recognised for their abundant farmland, crucial for cultivating rice to meet global demand.
The company mentions on a LinkedIn post that “This investment is more than just funding; it’s a commitment to our mission of decarbonising rice farming transparently. It will allow us to continue our commercial expansion into key rice-growing regions in South Asia and Southeast Asia, Africa, and South America.”
Providing sustainable practices in agriculture
Rice farming contributes significantly to global methane and greenhouse gas emissions, with 12 per cent of methane emissions and 1.5 per cent of total greenhouse gas emissions coming from this industry.
The process of harvesting rice generates tons of waste in the form of rice stubble and straw. Additionally, field burning to make room for more crops leads to increased carbon dioxide emissions and hazardous chemical reactions.
Moreover, excessive water consumption, averaging 3,000 to 5,000 litres per kilo of rice, poses a significant challenge, prompting experts to explore resource-efficient alternatives in rice production.
Founded in 2021 by Vassily Carantino and James Hastwell, CarbonFarm aims to decarbonise rice farming and production, addressing concerns about the high carbon footprint associated with these agricultural practices.
The company also wants to make regenerative agriculture profitable for farmers and assist corporations in achieving their net-zero goals. It does that by using satellites and AI to precisely measure carbon emissions in rice fields, offering unbiased and cost-effective solutions with minimal human intervention.
CarbonFarm claims to simplify access to carbon markets for farmers and agribusinesses, offering comprehensive support from project design to certification and credit sales.
For corporations, CarbonFarm provides reliable, registry-certified, and satellite-verified credits to offset emissions. By merging profitability and sustainability, the company is contributing to a greener future for agriculture and the planet.
In the past year, it has partnered with major corporations like Mars Food, Danone, and Ebro for innovative projects in key rice-producing regions like Vietnam, India, Spain, Portugal, and Ghana.