Nori’s $7M Series A to scale NFT carbon marketplace

Nori’s $7M Series A to scale NFT carbon marketplace

Feb 28, 2022 2 min read
  • Seattle-based startup and carbon marketplace Nori has closed a $7M Series A round led by M13, not to be mistaken Microsoft's venture arm M12, joined by Toyota Ventures and others
  • Nori is solving what it says is the pervasive accounting problem in the carbon offset marketplace with carbon removals recorded using the Ethereum blockchain as a non-fungible token (NFT)
  • Julian Lennon’s White Feather Foundation purchasing carbon removal from Nori with a portion of the proceeds from auction of Paul McCartney’s handwritten notes for Hey Jude and other Beatles gear

Seattle-based startup and carbon marketplace Nori has announced a $7M close of its Series A round led by M13, not to be mistaken Microsoft's venture arm M12, joined by Toyota Ventures and other yet to be disclosed investors. Nori’s aim is to create global engagement with its tools for mitigating and reversing climate change. The startup supports carbon removal projects through a marketplace that doubles as a platform both to process transactions and document carbon offsets, using the Ethereum blockchain.

Founded in 2016, M13 (not M12) is an early stage consumer technologies VC based in Santa Monica, California. Adding Nori to M13’s portfolio fits its strategy for startups solving real world challenges with blockchain, a point echoed by Toyota Ventures. The Japanese carmaker’s standalone early stage venture arm was attracted to Nori for delivering of real impact on carbon neutrality as well as value to customers.

Nori focuses on carbon removal (not avoidance) through its marketplace that provides significant financial incentives to the agricultural sector and farmers who use regenerative farming practices and soil carbon sequestration. So far ten farmers in Nori’s marketplace have made more than $1 million for carbon removal credits. Nori says new carbon removal products are in the pipeline for the marketplace.

Image credit: Nori

Founded in 2017 and based in Seattle, Washington, Nori is on a mission to reverse climate change by removing billions of tonnes of carbon dioxide from the atmosphere. Nori and its backers say the platform provides transparency and protects against double counting through immutable records on Ethereum blockchain technology. Nori has also teased the launch of its own token, NORI, billing it as a first in carbon offset and benchmark to establish the real cost of a tonne of CO2.

Paul Gambill, CEO of Nori:

“To date, the carbon offset industry has struggled with endemic problems including double claiming of credits. The immutable nature of the blockchain establishes transparency for credits, providing rewards for carbon removal to its community and establishing significant opportunities for our development team, which will be doubling in 2022 as we hire aggressively.”

Latif Peracha, Partner at M13:

“Nori’s marketplace is proven; farmers are getting paid for removing carbon with regenerative farming, and corporations, SMBs and NFT companies alike are turning to Nori to verify their efforts to run their businesses sustainably.”

Lisa Coca, Climate Fund Partner at Toyota Ventures:

“Nori is pioneering a much needed step-change in the carbon removal industry by building a transparent marketplace and we’re excited to back the company in its mission to ensure that large-scale carbon reductions come to fruition.”

Source

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