Netherlands-based Carble, a climate fintech startup, announced that it has raised €300k in a funding round led by Antler, the global early-stage VC, with participation from angel investors.
The fund also includes grants from the German government’s GIZ Coffee Innovation Fund and the European Space Agency’s Business Incubation Centre.
The company says it will use the funds to launch its technology in the market and expand its operations.
The capital will also help Carble to start working on their next fundraising round to double down on strong current customer demand.
Founded by Sander Reuderink, Noura Hanna, and Lodewijk van der Meer in 2021, Carble is fighting climate change by financially compensating farmers for preventing deforestation through the combination of manual field measurements, earth observation data, and cash transfers.
Through its proprietary software platform, the Dutch company collects satellite data on carbon storage in agroforestry farms, processes it through a machine learning algorithm, and presents the data to brands in an actionable format so they can reward deforestation-free farming at scale.
Carble uses Sentinel-2 multispectral satellite imagery and spaceborne laser altimetry data from NASA’s GEDI to get satellite data.
According to Carble, this approach helps brands to decarbonize their supply chain rather than using offsetting projects that do not change anything in the brands’ internal operations.
Also, the platform directly contributes to reducing poverty in tropical commodity farmers, thereby giving brands double the social and environmental impact per dollar.
The payments to farmers are made by tropical commodity buyers like coffee and cocoa brands.
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