Companies are looking for ways to get to their net-zero emissions goals, and carbon offsets are proving to be one popular method to reach that objective.
The firm NCX seems to play a unique role in helping companies find those offsets, and its model has attracted some big-name investors. The San Francisco-based company raised a $50 million dollars Series B led by energy and sustainability investor Energize Ventures, but also included the likes of J.P. Morgan and Marc Benioff’s TIME Ventures.
The company, formerly SilviaTerra, has now raised more than $75 million since being founded in 2010, according to Crunchbase.
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NCX is using satellite images and machine-learning software to not just map forest areas, but also has created a marketplace where companies can pay the landowners of those areas to not cut down trees and then buy the resulting carbon credits.
While climate change tech may be good for the environment and has been on the rise, investors are always looking for ways to monetize such technology. Crunchbase News just this morning had a story on the $475 million in known funding that has gone to companies at the intersection of climate, carbon-tracking and finance. Those companies include carbon-tracking business software, environmentally friendly online banking, and products that make it easier to value ESG (environmental, social and governance) assets.
Benioff has been known to invest in climate and environmental causes. In October, it was announced he, his wife and Salesforce1 would invest $300 million “to accelerate ecosystem restoration and climate justice.”
In 2020, the Benioffs contributed money to establish 1t.org, a group looking to conserve, restore and grow 1 trillion trees by the end of the decade.
Illustration: Li-Anne Dias.
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