Estonia-based eAgronom has closed a $7.4 million Series A to develop a platform for farming-based carbon credits. EAgronom had previously raised $12 million and also received a $600,000 EU grant.
The Farm Management Software (FMS) is booming with no global leader yet to step forward Competitors Agrivi, Granular and FarmLogs also have combined raised nearly $70 million.
eAgronom plan on entering new markets (including those outside the EU) and improve their carbon tracking systems.
Plans are already in the works to develop “Solid World”, a web3-based DAO, to assist farmers and other carbon projects in financing CO2 sequestration.
Carbon credits will hasten farm digitization and establish a $10 billion worldwide market.
eAgronom currently has over 1,500 clients who manage over a million hectares of grain land. They have also secured exclusive carbon agreements with over 100,000 of those hectares.
Because soils are the largest carbon sink outside of the seas, the world will require sustainable farming techniques to address the climate catastrophe.
Given the lack of transparency and measurability in carbon offsetting, eAgronom believes that a blockchain solution will bring more responsibility.
Robin Saluoks, co-founder and CEO of eAgronom, said: “Through our experience helping farmers with technology, we are uniquely positioned to capture the global agri-carbon opportunity… To fight climate change, we have to provide transparent tracking and access to capital to all nature-based companies…. We aim to become the leading developer of high-quality carbon credits.”
The carbon markets are growing at a rapid pace and the “carbon farming” industry is in its infancy. Players like Agoro, IndigoAG, Soil Capital, Trinity, Agreena, and CommodiCarbon are all fighting for market share.