InPlanet, a Munich, Germany- and Piracicaba, Brazil-based company which specializes in carbon removal, raised €5.6M in funding.
The round was led by FoodLabs and Salvia, as well as investors from the Pre-Seed Round who invested again, including Mudcake, Carbon Removal Partners and Übermorgen Ventures.
The company intends to use the funds to scale its measurement, reporting and verification capabilities, and to spread 200,000 tonnes of rock powder to capture 40,000 tonnes of CO2.
Led by CEO Felix Harteneck, and COO Niklas Kluger, InPlanet accelerates the carbon removal process by distributing suitable rock powder on agricultural land in the tropics, because climate and soil provide optimal weathering conditions. In addition to the ability to remove carbon from the atmosphere, Enhanced Rock Weathering regenerates tropical soils and fertilises crops. This allows farmers to reduce the input of limestone, synthetic fertilisers and pesticides. Therefore, the company also contributes to emission reductions and a more sustainable way of farming, growing health and nutritious food.
InPlanet plans to remove its first megaton of carbon by 2026.
Commenting on the news, Felix Harteneck said: The rapid progress we made in the last twelve months is demonstrating the huge potential of ERW as a CDR technology as well as a game changer for farmers. We are excited to pave the way with our partners and investors to establish InPlanet as a thought leader in the tropics! I am especially thankful for our fast-growing, impact-driven team, forming a unique company culture with us founders.”
FinSMEs
15/11/2023