Funga, an Austin, TX-based company focused on establishing commercial nature-based carbon removal projects, raised $4M USD in Seed funding.
The round was led by Azolla Ventures with participation from Trailhead Capital, Better Ventures, and Shared Future Fund.
The company intends to use the funds to accelerate the development of its proprietary software and datasets, scale the footprint of its forest microbiome restoration projects, and offer a sustainable carbon removal at pace with rapidly escalating demand.
Led by CEO Dr. Colin Averill, Funga is a public benefit corporation focused on restoring the power of fungal biodiversity to working forests, thereby accelerating tree growth and carbon drawdown. The company combines modern DNA sequencing and machine learning technology with research on the forest microbiome to put the right native, biodiverse communities of mycorrhizal fungi in the right place.
Funga recently established its first microbiome restoration projects in Lexington, Georgia in partnership with Conservation Resources. Over the next 18 months, the company will establish an additional 2,500 acres of forest microbiome restoration projects within the loblolly pine footprint of the southern United States.
FinSMEs
16/02/2023