Estonian climate tech 1MTN raises €1M to restore African lands with bamboo
Tallinn-based startup 1MT Nation has raised €1 million from Estonian investors Margus Kohava and Warmeston OÜ among others, EU-Startups report. The company has a mission to restore hectares of idle or degraded land in East Africa by planting polyculture native or naturalized bamboo species.
- Founded in September 2022, 1MTN is a developer of high-quality nature-based carbon removal projects in Africa. The company restores degraded lands in Africa and gives companies all over the world the opportunity to invest in high-quality nature-based carbon removals.
- In April 2023, the company managed to plant the first 300 hectares in Uganda. It has already begun preparatory work for planting another 2,000 hectares in Uganda and 1,000 hectares in Kenya.
“Bamboo is one of the most effective natural tools for mitigating climate change. It grows fast so the removal of carbon dioxide pollution from the atmosphere is also significantly faster. However, opening plantations and restoring degraded lands requires large investments so we decided to announce our first round. Interest from potential investors was greater than we expected,”Kristjan Raude, CEO of 1MTN, comments.
- The current investors include the private investor Margus Kohava, who has a long-term experience in the forest industry, and Warmeston OÜ, an Estonian producer of wood pellets.
- Thanks to the funding, 1MTN is planning to restore at least 1 million hectares of land by planting bamboo as a mixed crop by 2030.