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Denmark’s Agreena bags €46M to incentivise farmers on sustainable carbon farming journey

Agreena, a Copenhagen-based startup that verifies and sells carbon credits generated by farmers, announced a €46 million Series B round of funding on Thursday 30 March.

The round was led by HV Capital, Germany's leading multi-stage investor, and included new investors AENU and Anthemis.

Existing shareholders also contributed to the round, including evergreen food investor Gullspng Re:food, tech investor Kinnevik, and Denmark's Export and Investment fund.

Growth following the Series A round

Agreena previously raised €20 million in its Series A round in February 2022. Since then, the company's operations have grown tenfold.

Its geographic reach has expanded to include cropland in 16 different European countries, and it has also collaborated with farms to help convert more than 600,000 hectares to climate-positive, regenerative farming.

"In order for the world's farmers to transition to regenerative agriculture and create a scalable climate impact, the financial rails to support and pay them for it need to be built," says Simon Haldrup, co-founder of Agreena.

"Agreena is expanding technological and financial services infrastructure throughout the agriculture value chain as the industry becomes a focal point for decarbonisation efforts," Haldrup adds.

"From farmer to entrepreneur"

According to Agreena, as regenerative farming momentum spreads around the world, corporations, governments, and supply networks are focusing on agricultural lands for carbon removals in order to achieve global net-zero goals.

Farmers will play a growing role in addressing climate change, food insecurity, and other major environmental issues by implementing regenerative agriculture practises.

Agreena has discovered a way to leverage this effect into a new and additional income source for farmers to help pay for the transition.

Farmers can use the company's platform to plan, monitor, and verify changes for their regenerative journey, such as transitioning from releasing CO2 to drawing CO2 down and depositing it in their fields.

Field operational performance is improved by improved soil health and biodiversity, which reduces the need for inputs while increasing farmers' resilience to unfavourable climatic conditions (such as drought or flooding).

Agreena's certificates and downstream services also benefit businesses concerned about the environment and working to reduce their carbon footprint.

Furthermore, companies in the food supply chain are increasingly reliant on field-level traceability of agricultural commodities to meet Scope 3 reporting requirements.

The Corporate Value Chain (Scope 3) Standard is intended to allow for comparisons of a company's GHG pollution over time.

The path to net zero

Agreena's recent acquisition of remote sensing firm Hummingbird Technologies has allowed it to expand its offering beyond farms to include agridata services for supply chain players, governments, and other organisations.

Agreena's platform now includes a 'world-leading' AI-based monitoring and verification solution that uses satellite imagery, ground-truth data, and machine learning to identify and report on-farm regenerative agriculture practises.

The company intends to take the lead in assisting the entire value chain on the path to net zero and provides global monitoring.

According to Alexander Joel-Carbonell, partner at HV Capital, "real climate impact is only created at scale, and Agreena is perfectly positioned to distribute their carbon farming capabilities across the globe to bring high-quality, verifiable, and nature-based carbon credits to the market."

Only through carbon removals can net zero targets be met.

"We are on a journey to remove the economic barriers to the adoption of regenerative agriculture for farmers and their entire ecosystem - carbon is just the beginning," Haldrup adds.

Agreena's Carbon Certification

The Agreena programme is ISO 14064-2 certified and employs an IPCC-aligned approach that has been independently validated.

According to the company, it is standard-inclusive and will continue to improve its product as laws and research advance. Agreena is also undergoing Verra certification, which is expected to be completed this year.


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