Startup News

Tech startup Pachama raises $4.1M to support carbon offset projects

LatAm ListPachama is a San Francisco-based tech startup that is creating a marketplace where companies can support carbon offset projects. 

The company, founded in 2018 by Argentine serial entrepreneur Diego Saez-Gil, recently raised $4.1M from investment firms such as Saltwater, Lowercase Capital firm, Social+Capital, Global Founders Capital, and Atomico.

Pachama’s mission is to help scale up the protection and restoration of the world’s forests by bringing reforestation projects to the carbon markets whose ability to offset emissions can be verified by the company’s monitoring software.

On a soul-searching trip through the Amazon rainforest in Peru, Saez-Gil saw the effects of deforestation, and in that, an opportunity.

“There are only 500 forest projects that are certified today… we need tens of thousands,” added Pachama’s CEO. “There are one billion hectares on the planet available for reforestation without competing with agriculture.”

Ryan Graves, former Uber executive, and Pachama’s current lead investor and new director said, “What attracted me to Pachama was the company’s use of technology to bring trust to an industry that desperately needs it, and gives the verifiable results to the purchasers of carbon credits.”

Pachama currently has 23 forest projects across the US and Latin America.

Read more on Techcrunch.

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