Updated: Aug 29, 2021
Regrow raises $17M Series A from industry leaders
Key Aspects of an Agricultural Carbon MRV Platform
Funding Will Be Used to Accelerate Rollout and Adoption Of Industry-Leading Carbon Measurement, Reporting And Verification (MRV) Tool
Regrow, with its dedication to science and bias for action, has tremendous potential to enable further transformation of sustainable agricultural systems around the world.”— Ben Fargher - Managing Director, Sustainability, Cargill
Regrow, a pioneering software company that is transforming the sustainable agri-food supply chain industry, announces the close of its $17 million oversubscribed Series A funding round with new investors Ajax Strategies, Tenacious Ventures and Cargill.
Existing investors include Microsoft’s venture fund M12, the Jeremey and Hannelore Grantham Environmental Trust's Neglected Climate Opportunities fund, CSIRO’s Main Sequence Ventures, AirTree Ventures, and others.
Regrow will use the funds to accelerate the global rollout of its Monitoring, Reporting and Verification (MRV) tool - the first and only system designed to customize, optimize and monetize carbon impact strategies across the entire supply chain - including buyers, sellers, producers and verifiers.
The MRV platform addresses some of the most critical challenges standing in the way of ubiquitous adoption of regenerative agriculture practices – accurately and transparently reporting environmental outcomes such as carbon sequestration and reduction in greenhouse gas emissions, providing historical analyses, scenario planning and future projections.
Regrow’s founder and CEO Anastasia Volkova, PhD says this is the first independent, objective turnkey system for the industry.
“Implementing and scaling responsible, sustainable agricultural practices is the most actionable strategy we can take to reverse climate change, but the payoff hasn’t been clear or immediate,” says Volkova. “Regrow’s MRV platform cracks the code on incentivizing growers, suppliers and CPG companies to implement profitable, scalable, climate-forward agriculture practices that can significantly reduce greenhouse gas emissions.” How Regrow’s MRV platform works:
- Leveraging integrations with numerous Farm Management Systems, it allows growers to easily and securely submit agronomic records to quantify their carbon credits and other ecosystem outcomes. - Uses satellite imagery and an Operation Tillage Information System (OpTIS) to map agricultural practices, such as cover cropping and tillage verifying and supplementing farmer records, removing the need for manual checking. - Feeds the farmer records and maps that allows farmers to estimate how much carbon they are storing in their soil and how much they could store if they adjust their management practices. This minimizes the need for extensive soil testing, adds validity to the market system and gives farmers the ability to better predict outcomes and make changes accordingly.
Ajax Strategies, a venture capital firm focused exclusively on solving climate change, says Regrow brings a unique and important offering to its portfolio.
“Our sole focus is investing in long-term climate change solutions to that will make a meaningful difference at scale,” says Veery Maxwell, partner at Ajax Strategies. “Regrow is able to provide all food and ag industry sectors with the tools and technologies needed to set, achieve and scale meaningful sustainability initiatives.”
“Not only does agriculture feed our growing population but we know that when done sustainably, it can sequester carbon and lead to better environmental outcomes,” added Ben Fargher, Managing Director of Sustainability for the Cargill Agricultural Supply Chain in North America. “Regrow, with its dedication to science and bias for action, has tremendous potential to enable further transformation of sustainable agricultural systems around the world.”
According to Debbie Reed, executive director of Ecosystem Services Market Consortium (ESMC), scalable, trusted and scientifically vetted MRV is one of the critical enablers for developing sustainability programs in agriculture to reduce the carbon footprint of the industry. “A number of leading global food and agriculture companies have launched robust sustainability programs to reduce their supply chain’s carbon outputs and to meet the requirements of investors, consumers and governments. Accurate and transparent monitoring of these outcomes are needed for credibility and integrity.” ABOUT REGROW Regrow is a software company that provides a sustainable transformation across the agrifood supply chain. Regrow delivers scalable, science-based solutions for adoption, measurement, reporting and verification (MRV) of ecosystem outcomes, such as soil carbon, nitrogen leaching, among others. Regrow monitors over 150 million acres of agricultural land in 45 countries and supports industry leaders such as General Mills, Cargill, Bayer AG, The Nature Conservancy, among others, to meet their nature commitments.