Estonia-based eAgronom has closed a $7.4 million Series A round led by Yolo Investments and ZGI Capital. Also participating was Trind VC, Iron Wolf Capital, and United Angels VC. eAgronom is also the recipient of a $600,000 EU grant. eAgronom had previously raised $12 million in backing from investors.
Given that agriculture is one of the major sources of global emissions today, with this funding, eAgronom says it aims to create a farming-based carbon credits platform. It will also expand to new markets (including outside of the EU), and improve its carbon tracking technologies. It will also launch a Web3-based DAO called Solid World to help farmers and other carbon projects finance CO2 sequestration.
In a statement, Robin Saluoks, co-founder and CEO of eAgronom, said: “Through our experience helping farmers with technology, we are uniquely positioned to capture the global agri-carbon opportunity… To fight climate change, we have to provide transparent tracking and access to capital to all nature-based companies…. We aim to become the leading developer of high-quality carbon credits.”
Tim Heath, General Partner at Yolo Investments, said: “Many companies want to be in Web3, but eAgronom and Solid World DAO have actual applications. Voluntary carbon markets lack transparency and liquidity, and blockchain is the best technology for providing both. We are excited to use our experience in crypto to support the company.”