- Andes announced it raised $30 million in funding. These are the details.
Andes – a climate tech startup using beneficial microorganisms to combat climate change – announced it has raised an additional $15 million bringing its Series A to $30 million. And to date, the company has raised a total of $38 million from investors including Voyager VC, Yamaha Motor Ventures, Leaps by Bayer, Cavallo Ventures, KdT Ventures, Venturance, Germin8, and Accelr8. The new funding round enables Andes to offer its carbon removal credits to organizations of all sizes, expand partnerships with farmers, and continue to develop its innovative microorganism technology.
Andes is a climate tech startup tackling humanity’s biggest challenge by leveraging millions of acres of existing farmland to remove greenhouse gasses from the atmosphere. And their beneficial microorganisms capture carbon dioxide and convert it into minerals in the ground for thousands of years, providing a safe, permanent, and scalable carbon removal solution.
So far, Andes has removed more than 50,000 tonnes of CO2 from the atmosphere. Andes’ beneficial microorganisms grow with the plant roots and provide many benefits to the plant and soil, including an increase in water permeability, aeration, and the availability of nutrients in the soil, leading to healthier crops and soils.
The carbon dioxide removal market is primed for rapid growth as companies race to offset greenhouse gas emissions and limit global warming to 1.5° Celsius. And when it comes to quantifying necessary reductions, the National Academy of Sciences estimates that 10 gigatonnes of carbon removal is required annually in order to limit global warming to 1.5° Celsius, underscoring the urgency for Andes’ scalable carbon dioxide removal solutions.
Last year, the company partnered with farmers throughout the Midwest to deploy its technology across 25,000 acres. And farmers who have partnered with Andes have seen their plants benefit from Andes’ naturally occurring microorganisms without disrupting their existing agricultural practices.
By enrolling in Andes’ Carbon Removal Program, farmers can increase their net income of operations by up to 25%. This year, Andes has seen a 3X increase in interest from farmers, a figure which is only poised to grow as more farmers use their land to capture carbon.
With this funding round, Andes is able to officially make its carbon removal credits available to organizations of all sizes, empowering companies across industries to meet their distinct sustainability goals. And in parallel, the company continues to develop its biological nitrogen technology, which is seamlessly integrated with seeds, enabling farmers to transition to reliable, eco-friendly products.
Andes was also recently selected as one of 15 startups to take part in the Amazon Web Services (AWS) Accelerator 3.0. And the high-pace program aims to address climate change by fostering innovation among mature startups developing breakthrough clean energy technologies.
KEY QUOTES:
“Catastrophic climate disasters that jeopardize human life and natural resources are inevitable without high-permanence, scalable carbon sequestration. Andes is proud to transform the carbon dioxide removal industry with the tools that are required for a brighter, livable future for all. The completion of our Series A marks another milestone on our timeline of accelerated growth as the first company to provide organizations with high volume, long-lasting carbon removal solutions at a low price point.”
— Gonzalo Fuenzalida, CEO and co-founder of Andes
“At Voyager VC, we’re committed to backing climate-motivated founders who are leading the charge in the global carbon transition. By supporting Andes, we’re doing exactly that as the company continues to build groundbreaking solutions at the intersection of biology and climate tech. Their pioneering technology can remove carbon from the atmosphere, safely locking it into minerals for thousands of years, while at the same time rebuilding healthy soils.”
— Sarah Sclarsic, co-founder and managing partner at Voyager VC
“Investing in companies that enable longer, healthier lives is at the heart of Yamaha’s mission. We’re proud to support Andes as the company makes strides towards solving one of the world’s most pressing climate challenges: reducing greenhouse gas emissions. Fighting climate change and protecting future generations from severe natural disasters depends on our ability to scale high-permanence carbon dioxide removals. Andes’ unique solutions promise a more sustainable world where organizations can commit to their net zero emissions goals with full confidence.”
— Kei Onishi, CEO of Yamaha Motor Ventures
