London, 23rd March – InSoil (“HeavyFinance”), a climate tech investment marketplace for the agricultural industry, has successfully raised €3 million during its seed funding round. The round was led by VC firm Practica Capital.
InSoil is a European Fintech tackling the climate crisis. The company provides financing and loan schemes for companies in the sustainable agriculture sphere. Their goal is to remove 1 gigaton of CO2 emissions by 2050.
The investment will help the company continue their European expansion, currently operating in Poland, Portugal, Lithuania, Latvia, and Bulgaria. They have ambitious plans to nearly double their current headcount of 33 staff over the next 12 months.
InSoil will use the funding to accelerate the switch from conventional farming to regenerative practices. They aim to enroll 200,000 hectares of regenerative farmland as part of a carbon farming initiative. Additionally, they will create direct access for businesses looking to offset their carbon footprint.
Laimonas Noreika, Founder of InSoil, said:
“After a successful seed round, InSoil is ready to continue its expansion in the European marketplace, delivering sustainable climate investments to even more investors. Operating in additional markets and expanding our investor suite is an important step in the company’s growth. The development of new products and schemes will also be important. Alongside these, bringing in industry experts to support our journey will be a priority over the coming months.“
“Tackling climate change must be a united effort. With almost a third of global greenhouse emissions coming from agricultural products, InSoi is here to lead the charge in the agricultural sector. Food growth plays a vital part in the climate battle as a prominent global issue. Connecting investors with farmers and agricultural specialists through our finance platform can help accelerate the adoption of regenerative soil management practices. This will reduce carbon emissions output throughout Europe.”
InSoi’s financing supports soil health and maintenance. This reduces emissions from machinery fossil fuel combustion. It removes CO2 from the atmosphere through the biogeochemical pressures of plants. Further, it reduces N2O pollution from excessive fertilizer application. Furthermore, it improves biodiversity and helps farms become resilient to the effects of climate change, such as droughts and high temperatures.
The company has built an underlying infrastructure to score the borrowing capabilities of farmers and agricultural operators. This facilitates transactions and administers loans more effectively.
Arvydas Bložė, Partner at Practica Capital, said:
“InSoi team is committed to transforming the traditional agricultural lending marketplace. They do this by incentivizing farmers to adopt sustainable and regenerative farming practices. They provide them access to the necessary capital. By connecting farmers in Europe directly and introducing a proprietary soil-based carbon credit methodology, we anticipate creating a new channel for downstream corporates to offset their carbon credits. This will stimulate institutional capital investments in the green sector.”
