Lithuanian HeavyFinance secures €1M debt capital from Vinted co-founder
Vilnius-based green loans marketplace HeavyFinance has announced a €1 million investment from Mantas Mikuckas, co-founder Vinted. Debt capital will be deployed to small and medium sized farms through HeavyFinance.
- HeavyFinance’s Green Loans is a debt instrument allowing retail and institutional investors to access a fast-expanding carbon credit market. The investors get returns from the sales of CO2 certificates generated on farms, as farmers taking Green Loans do not pay any interest rate.
- The company facilitated financing to more than 1,000 agricultural ventures in Bulgaria, Latvia, Lithuania, Poland, and Portugal.
- Now, it managed to secure the backing of Mantas Mikuckas who previously co-founded Vinted, an online second-hand clothing marketplace and Lithuania’s first tech unicorn.
“Knowing how much effort and perseverance is needed to minimise carbon emissions in fashion, I admire how companies like HeavyFinance are championing sustainability ideas in other sectors. The urgent need for decarbonisation possesses a huge opportunity for local communities, businesses and investors,”Mantas Mikuckas, co-founder of Vinted, comments.
- This is the second large capital injection for HeavyFinance this year. In March 2023, The company received €3 million in a seed funding round led by Practica Capital.
- HeavyFinance is set to generate 250,000 carbon credits by the end of 2024, becoming one of the largest carbon credit producers in Europe. It has set itself a target of removing 1 gigaton of CO2 emissions by 2050.