Aug 18, 2021Regrow gets $17 million to fund carbon-reduction monitoring platform
Regrow has announced the close of its $17 million oversubscribed Series A funding round with new investors Ajax Strategies, Tenacious Ventures and Cargill.
Existing investors include Microsoft’s venture fund M12, the Jeremey and Hannelore Grantham Environmental Trust’s Neglected Climate Opportunities fund, CSIRO’s Main Sequence Ventures, AirTree and others.
Regrow will use the funds to accelerate the global rollout of its Monitoring, Reporting and Verification (MRV) tool — the first and only system designed to customize, optimize and monetize carbon impact strategies across the entire supply chain — including buyers, sellers, producers and verifiers.
The MRV platform addresses some of the most critical challenges standing in the way of ubiquitous adoption of regenerative agriculture practices — accurately and transparently reporting environmental outcomes, such as carbon sequestration and reduction in greenhouse gas emissions, providing historical analyses, scenario planning and future projections.
“Implementing and scaling responsible, sustainable agricultural practices is the most actionable strategy we can take to reverse climate change, but the payoff hasn’t been clear or immediate,” said Anastasia Volkova, Regrow founder and CEO, through a press release. “Regrow’s MRV platform cracks the code on incentivizing growers, suppliers and CPG companies to implement profitable, scalable, climate-forward agriculture practices that can significantly reduce greenhouse gas emissions.”
How Regrow’s MRV platform works:
- Leveraging integrations with numerous farm management systems, it allows growers to easily and securely submit agronomic records to quantify their carbon credits and other ecosystem outcomes.
- Uses satellite imagery and ab=n Operation Tillage Information System (OpTIS) to map agricultural practices, such as cover cropping and tillage verifying and supplementing farmer records, removing the need for manual checking.
- Feeds the farmer records and maps that allows farmers to estimate how much carbon they are storing in their soil and how much they could store if they adjust their management practices. This minimizes the need for extensive soil testing, adds validity to the market system and gives farmers the ability to better predict outcomes and make changes accordingly.
Ajax Strategies, a venture capital firm focused exclusively on solving climate change, says Regrow brings a unique and important offering to its portfolio.
“Our sole focus is investing in long-term climate change solutions to that will make a meaningful difference at scale,” said Veery Maxwell, partner at Ajax Strategies. “Regrow is able to provide all food and ag industry sectors with the tools and technologies needed to set, achieve and scale meaningful sustainability initiatives.”