As 2023 ends, CEO Laimonas Noreika reflects on InSoil’s remarkable year of progress in sustainable agriculture and climate-focused investment innovation. Indeed, it has truly been the year of the growth for the company and its initiatives.
What an exceptional journey it has been for InSoil! The year of the growth is evident in many aspects of our achievements.
Our year commenced with a remarkable achievement — securing €3 million in a highly successful seed funding round led by Practica Capital. This funding played a pivotal role in advancing our commitment to the shift from conventional to regenerative farming practices. This milestone marked the beginning of the year when growth took center stage. During this time, we launched our innovative Green Loans, providing farmers with 0% interest loans to facilitate their transition to regenerative agriculture.
As the year draws to a close, we take pride in having financed 72 diverse projects, channelling a total of €4 million to drive impactful initiatives. Truly, this has been a period marked by growth, especially for our financing efforts.
We made valuable partnerships.
Collaborating with Agricarbon has allowed us to delve deeper into sustainable agriculture practices, utilising advanced techniques to analyse soil samples. This, in turn, empowers our farmers with valuable insights. It fosters improved soil health and optimises carbon sequestration. Moreover, our partnership with Clearblue Markets sets the stage for a significant milestone in the upcoming year. We eagerly anticipate the sale of our inaugural carbon credits in the first half of 2024, continuing the growth momentum.
Significant Achievements
We became the first company in Lithuania to obtain the European Crowdfunding Service Providers (ECSP) licence, marking a pivotal moment for us. This simplifies our financial service expansion across Europe. It also ensures investor protection, transparency, and operational excellence, reflecting the year’s growth emphasis.
And our recent celebration of financing of over €50 million in agricultural projects showcases the impact we are making in fostering sustainable practices within the industry. This further demonstrates this year’s growth as significant.
Team Expansion
With the introduction of Green Loans, our team doubled. We welcomed world-renowned agronomists, analysts, and legal experts. We also gained the expertise of Mantas Mikuckas, co-founder of Vinted. He joins us not only as an investor but also as an advisor during this remarkable year of growth.
Vision for 2024
Looking ahead, envisioning the path that lies before us, I am inspired by the prospect of generating carbon credits from agriculture in Europe in 2024. Our unwavering commitment to supporting the Sustainable Development Goals (SDGs) remains steadfast. We are dedicated to making agriculture sustainable for society. Additionally, we foster an eco-friendly world that is on track to achieve net-zero emissions, building upon the growth that defined 2023.
I extend my heartfelt gratitude to our investors and the dedicated InSoil team for their tireless efforts and unwavering support throughout this transformative year of growth. Together, let us embark on the challenges and triumphs that 2024 holds. We aim to propel InSoil to even greater heights, building upon the growth year that 2023 has brought.
Thank you.
