- Funding from FTSE 100 and Barclays
- Agricarbon secures £9 million
- Global market potential: $175 billion
In addition to units of two FTSE 100 companies, the Dundee-based startup has secured £9 million in Series A funding from these entities.
Two FTSE 100 companies are providing financial support to Agricarbon, a company specializing in soil carbon measurement. Agricarbon’s mission is to aid in accelerating efforts to achieve net-zero emissions objectives.
Agricarbon will announce a £9 million Series A financing round involving units of Barclays and Shell at the COP28 climate summit in Dubai this week.
Leadership and Growth
Established by Annie Leeson and Stewart Arbuckle to capitalize on the capacity of soil to sequester substantial amounts of carbon emissions, the organization has also received support from specialized agricultural funds, such as Ananke and the Nest family office.
In an unusual move for an early-stage firm, two of the UK’s largest public companies invested. It was led by Shell Ventures and included Barclays Sustainable Impact Capital.
By 2030, the global market for soil carbon removals could be worth $175 billion, according to estimates.
Agricarbon, whose clientele includes significant food and beverage companies and carbon project developers, reports a threefold increase in revenue this year due to businesses’ heightened demand for its measurement services as they strive to reduce carbon emissions in their supply chains.
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In 2021, the Dundee-based company commenced commercial operations.
Ms. Leeson emphasizes that to secure additional funding for extensive soil carbon restoration, stakeholders must substantiate benefit claims and credits. This requires using primary data. The data should be independent, highly consistent, and possess high integrity.
“Investment from two major stakeholders, Shell and Barclays, validates the necessity for our data to instill food companies, carbon buyers, and financial markets with confidence in soil carbon removals.”
The expansion of Agricarbon’s service acts as a catalyst for the development of sustainable market incentives: it enables landowners and farmers to obtain more excellent value in the form of tangible carbon removals while also ensuring that investments in natural capital can be directed towards areas that provide authentic and significant climate benefits.
Broadening Agricarbon’s Reach
A US business that services significant US projects will be established with some of the additional money.
Additionally, the business is strategizing a broader geographic turnpike.
Adelpha, an advisory firm working with high-growth companies headquartered in the United Kingdom, advised Agricarbon on the transaction.
Adelpha’s founder and chief executive, Addie Pinkster, remarked, “The carbon removal infrastructure market is sizable and expanding, with a growing emphasis on the utilization of agricultural soils to extract additional carbon dioxide from the atmosphere.”
According to estimates, the implementation of regenerative farming practices on agricultural lands has the potential. It can sequester one to five gigatonnes (billion tonnes) of carbon dioxide annually.
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