Komaza, a Nairobi, Kenya-based tech-enabled, sustainable forestry company, secured a first close of $28m of a planned $33m Series B equity financing.
With continued investment and support from their Series A lead Novastar Ventures, this financing round was co-led by Novastar LPs AXA Investment Managers (through the AXA Impact Fund: Climate & Biodiversity), and the Dutch development bank FMO, with further participation by Mirova’s Land Degradation Neutrality Fund.
The company plans to use the funds to expand from its first site on Kenya’s coast to two additional sites across East Africa, investing in additional wood manufacturing facilities to grow its line of sustainable building materials, adding a new direct-to-farmer app to drive enrollment and increase farmer access to best practices.
Led by Tevis Howard, Founder and CEO, Komaza is a tech-enabled, sustainable forestry company providing a platform for small-scale farmers to solve the wood supply crisis. While distributed operations increase management complexity, Komaza uses AI and satellite data to map existing tree growth and real-time mobile apps on the ground to track farmer progress.
The company has planted over 6 million trees with 25,000 smallholder farmers to date.
Komaza is a StartX company.