Venture Capital

Pachama Increases Series B to $64 Million

SAN FRANCISCOPachama, a technology company on a mission to solve climate change by restoring nature, has extended its Series B round to include an additional $9 million in new equity capital. The extension brings Pachama’s Series B total to $64 million and was participated in by new investor T.Capital, the corporate venture capital arm of Deutsche Telekom (majority owners of T-Mobile US), alongside existing investors Lowercarbon Capital and Positive Ventures.

Pachama has now raised $88 million in cumulative funding from investors in addition to Future Positive, Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, Serena Williams, Ellen DeGeneres, and Laura Dern, among others.

In contrast to recent carbon market trends, Pachama experienced 57% growth year-over-year in credits retired in Q3 2023 as corporations and project originators increasingly demand the rigorous commitment to quality and reporting transparency that underpins the company’s approach to forest preservation. The additional capital will drive continued investment in research and development in the critical area of AI applied to geospatial data for climate mitigation, as well as enhanced focus on serving companies and project developers with new products and services.

“Science tells us that we can’t solve the climate crisis without protecting nature and removing carbon. Pachama continues to drive the investment needed to restore forests at scale to draw down carbon, restore biodiversity, and uplift communities around the world,” said Diego Saez Gil, CEO and co-founder of Pachama. “Over the past year, the world recognized the importance of ensuring integrity, transparency, and impact in carbon markets, and that’s what Pachama has been working on since our inception. This additional capital will allow us to continue advancing this critical mission.”

Pachama continues to partner with corporations and financiers seeking to invest in the origination of reforestation projects for carbon sequestration. The company recently announced it secured additional investment by Latin America’s leading technology company Mercado Libre (MELI), as part of the latter’s Regenera América program to restore native forests and biodiversity in Latin America, with a total investment of $23 million. In the US, Pachama has partnered with wetland conservation organization Ducks Unlimited and infrastructure investors PERENfra for a $12 million, first-of-its-kind reforestation project focused on rehabilitating agricultural land in the Lower Mississippi River Valley to its natural state and restoring flyways for migrating North American birds.

Pachama also announced that Ebony Beckwith, former Chief Business Officer at Salesforce, has joined the board as Independent Board Member. Having led Salesforce’s philanthropic efforts, Beckwith’s experience and counsel will be invaluable as Pachama continues to lead in the climate tech sector.