CarbonFarm, a provider of digital monitoring, reporting and verification services for rice decarbonisation, has secured €7 million in a Series A funding round. The round was oversubscribed and led by Colam Impact, with backing from Proparco, Suma Capital, elea, Working Capital Fund, Albo, and Bpifrance. Existing investors Serena, makesense via Racine², and Techmind also contributed to the financing.
The company utilizes AI-driven satellite imagery, field data collection, and greenhouse gas modelling to track farming practices and quantify emissions. This technology enables the certification of carbon credits and supports corporate supply chain reporting. CarbonFarm collaborates with rice producers, governments, and NGOs to implement water management practices that can reduce methane emissions by up to 50 per cent and water usage by 30 per cent.
Since its last funding round, CarbonFarm has expanded its operations to 19 countries. The new capital will be used to strengthen the company's presence in Asia, Africa, and Europe, while accelerating its entry into Latin America. Additionally, the funds are earmarked for further development of the company's technology and project management capabilities to support large-scale decarbonisation efforts.
Rice cultivation is responsible for approximately 12 per cent of global human-caused methane emissions and consumes up to 28 per cent of the world's freshwater. CEO Vassily Carantino stated that the company aims to equip local value-chain players with tools to attract climate finance. CTO James Hastwell noted that scientifically measured results help projects attract buyers for high-quality carbon credits.
