Climate tech company Cultivo has raised $14m (£11m) in a series A funding round co-led by Massmutual Ventures and Octopus Energy Generation.
Former Bank of England governor Mark Carney sits on the board of Cultivo, which plans to use the funding to embark on its pipeline of projects and accelerate the growth of its platform.
Cultivo partners with financial groups and businesses for projects like restoring land and forests. It oversees these projects, tracking carbon capture, biodiversity, water storage and the impact on local communities.
The new funding brings Cultivo’s total raised to over $20m (£15.7m).
Co-head of Octopus Energy Generation’s fund management team, Alex Brierley, said: “Cultivo are leading the way in carbon removal projects.
“Their tech-led approach, track-record and experienced team means we’re confident Cultivo has a winning formula for long-term success in this essential and fast-growing market.”
Chief executive and co-founder of Cultivo, Dr Manuel Piñuela, said: “Investors are recognising the value and scale of the natural capital investment opportunity, and companies are wanting to secure a future supply of high-quality carbon removal credits.”