- NCX (formerly known as SilviaTerra) recently announced it raised $50 million in Series B funding. These are the details.
NCX (formerly known as SilviaTerra) — the science-driven forest carbon marketplace delivering large-scale, immediate impact for climate and communities — recently announced a raise of $50 million dollars in a Series B round of financing led by energy and sustainability investor Energize Ventures. This funding round cements new partnerships with J.P. Morgan, Intercontinental Exchange (ICE), Dalus Capital, Clearvision Ventures; and also includes significant follow-on funding from existing investors Scribble Ventures, as well as Marc Benioff’s TIME Ventures.
This funding round is expected to support expansion outside of the United States in addition to the formation of new natural capital markets created to serve the growing $1 billion voluntary carbon market.
In the first year of the exchange, NCX generated participation from 2,470 landowners with a collective 4.3 million acres across 39 states. And the result was 1.13 million MTCO2e of expected climate impact from forests across an area bigger than the state of Connecticut. Carbon credit buyers incentivizing the delayed harvest of forests through the NCX marketplace include Microsoft, Rubicon, South Pole, Incyte, and others.
KEY QUOTES:
“The Natural Capital Exchange has always been about enabling society to value all the benefits forests provide. We started with applying our forest data, AI-driven remote sensing, and rigorous accounting practices to carbon in the United States, but if we are going to make a significant impact on climate goals, it is going to take more than just US forests. We also know that society values forests for reasons beyond carbon and timber, such as wildlife habitat and water yield. NCX is going to apply our data, science, and forestry practices to build markets that create the forests society wants and needs.”
— Zack Parisa, Co-founder and CEO
“The global voluntary carbon market is growing rapidly as the private sector addresses the urgency of offsetting emissions,” said Katie. “When it comes to decarbonization, time is of the essence – and NCX’s solution reflects the importance of reducing emissions today while setting a new standard for transparency and quality. This market is still in its earliest of innings, and we’re excited to partner with NCX as they enable more companies and communities to take positive action towards climate change.”
— Katie McClain, partner at Energize Ventures, who joined the board of directors
“The development of easily accessed carbon and natural capital markets is key to meeting the significant demand for these sustainable investment options. J.P. Morgan’s investment in NCX is the next step in our mission to be at the forefront of innovative carbon solutions.”
— Anton Pil, Head of Global Alternatives, J.P. Morgan Asset Management
