Loam, a startup with a mission to reduce carbon emissions and combat climate change, has just raised $73 million in a Series B funding round. This funding will help to accelerate the company’s efforts to remove gigatons of CO2 from the atmosphere using its proprietary microbial technology.
Loam’s CarbonBuilder is a microbial seed inoculum that enables the storage of long-term stable soil carbon. In addition, the company’s SecondCrop program is designed to offer farmer-friendly pathways for participation in carbon markets. This approach helps reduce carbon emissions and provides a source of revenue for farmers.
The recent funding round was co-led by Lowercarbon Capital and Wollemi Capital, with other investors including Horizons Ventures, Acre Venture Partners, Main Sequence, the Clean Energy Finance Corporation, Grok Ventures, TimeVentures, Thistledown, GrainInnovate, and Hawktail. These investors are united in their shared vision for a more sustainable future and the critical role that Loam’s technology plays in achieving that goal.
The SecondCrop program is a significant step forward for Loam in its mission to remove CO2 from the atmosphere. With its farmer-friendly approach to carbon markets, the program creates a win-win scenario that benefits both the environment and farmers. By partnering with farmers and providing them with a pathway to participate in carbon markets, the Australian AgTech startup is working to accelerate the adoption of sustainable farming practices, reduce carbon emissions, and sequester carbon in the soil.
Per the Australian agtech startup’s announcement on its LinkedIn page, “Loam’s team and partners have played a critical role in the company’s success. Their hard work and dedication have enabled Loam to develop and deploy its innovative microbial technology at scale. In addition, the recent funding round is a testament to investors’ confidence in the company’s ability to continue making a meaningful impact in the fight against climate change.”
Photo by Glen Carrie on Unsplash
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