Estonian blockchain startup Solid World DAO secures $2.5M to fight climate change
09 May, 2022, 18:40
Tartu-based Solid World DAO has secured $2.5 million in a seed funding round. Yolo, Greycroft, Awesome People Ventures, Possible Ventures, Draft VC, and Basecamp Fund led the round, Silicon Canals reports.
- Founded in 2021 by Stenver Jerkku, Solid World DAO is building a Web3 carbon marketplace that allows the pre-purchasing of carbon credits — permits that allows the owner to emit a certain amount of carbon dioxide or other greenhouse gases. It means that potential carbon projects can get paid upfront and receive the funding that they need to get started.
- The startup’s solution is aimed to encourage the development of more sustainability projects, as well as encourage more people to become carbon farmers or generate carbon credits.
“The carbon markets are untransparent and predatory towards new players right now. We are entirely rethinking the mechanics of carbon markets with the addition of pre-financing options by using blockchain and Web3 technologies,”Solid World DAO CEO Stenver Jerkku explains.
- Greycroft is among the most experienced investors this round. It is a New York-based venture capital firm focusing on technology startups in the Internet and mobile markets. Greycroft manages over $1 billion and has made over 200 investments in companies like Acorns, App Annie, and Bird.
- Solid World plans to use the fresh funds to build liquidity pools by pre-purchasing carbon credits. It also wants to implement a team/community rewards program.