Vinted Co-Founder Invests €1M to Advance Agricultural Decarbonisation

Vilnius, 9 October 2023 – Following the success in decarbonising the fashion industry, Mantas Mikuckas, co-founder of pre-loved clothes marketplace Vinted, invests 1M Eur to support the green transformation of agriculture. Debt capital will be deployed to small and medium-sized farms through the climate tech, InSoil. 

Agriculture is one of the principal sources of global greenhouse gases, accounting for approximately 22% of total CO2 emissions. InSoil aims to transform this sector by providing Green Loans for the shift to regenerative farming practices. Vinted Co-Founder has supported these efforts significantly.

InSoil’s Green Loans is a debt instrument that enables both retail and institutional investors to tap into a rapidly growing carbon credit market. Returns for investors are generated from the sale of CO2 certificates generated on the farm. Farmers taking a Green Loan do not pay an interest rate. This contributes to returns, a model backed by Vinted’s visionary co-founder.

The company is set to generate 250,000 carbon credits by the end of 2024. It aims to become one of the largest carbon credit producers in Europe. Furthermore, it has set itself a target of removing 1 gigaton of CO2 emissions by 2050. 

Laimonas Noreika, CEO and co-founder of InSoil, comments: “We’re thrilled about this investment because both InSoil and Mantas share a similar mantra, focusing on creating a win-win scenario for our customers and the planet. As we aim to meet the Paris Agreement targets, it’s vital for businesses to support one another. We also aim to boost the UN SDGs initiative. We strive to set a global example.” His perspectives are shared by Vinted Co-Founder Mikuckas as well.

Mantas Mikuckas, co-founder of Vinted, comments: “Knowing how much effort and perseverance is needed to minimise carbon emissions in fashion, I admire how companies like InSoil are championing sustainability ideas in other sectors. The urgent need for decarbonisation possesses a huge opportunity for local communities. It also benefits businesses and investors.”