Nori operates an end-to-end carbon removal marketplace focused on enabling the purchase and sale of carbon removal credits and developing market-driven solutions to remove legacy CO2. The company says its mission is to reverse climate change by removing 1.5 trillion metric tonnes of legacy carbon dioxide from the atmosphere. Nori plans to scale its marketplace to support the sale of its largest-ever supply of carbon removal credits in collaboration with Bayer and to expand the carbon removal product offerings available on the platform. The announcement accompanies the appointment of Matt Trudeau as CEO and the transition of co-founding CEO Paul Gambill to Chief Product Officer. Trudeau is described as a digital markets and exchange veteran with experience in regulated financial markets, trading technology, exchanges, blockchain, and asset tokenization. Nori was founded in 2017 and is based in Seattle, Washington; the company has raised a total of $17.25M to date. Nori operates a marketplace that pays farmers for carbon removal via regenerative soil sequestration, issuing tokenized Nori Carbon Removal Tonnes (NRTs) that represent one tonne of CO2 removed for a minimum of 10 years. The company has a proof-of-concept in place and is expanding its carbon-removal methodologies and marketplace features while preparing to launch the NORI token. To date Nori works with around 10 farms, has distributed about $1 million to farmers and recorded roughly 2,200 buyer transactions. It retires any NRT purchased to prevent resale, offers a 10-year warranty requiring periodic re-verification by suppliers, and pays farmers in NORI tokens that vest over time with clawback provisions for verified carbon loss. Nori is also migrating its on-chain registry from Ethereum to Polygon to reduce energy use and transaction costs. Nori issues blockchain-backed tokens, each representing one ton of sequestered CO2, to address double-counting in carbon markets. The company operates an e-commerce front end where individuals and businesses can buy Nori tokens to offset purchases and already counts Shopify as a customer. Nori separates the carbon certificate from payment by using its token as the payment unit while allowing the token price to fluctuate with supply and demand. The platform plans trading mechanisms and exchange listings for its token, and intends to run auctions in its application in the future. Nori positions itself as an API for carbon removal that can integrate into other platforms and applications. It is collaborating with Comet Farm, a USDA greenhouse gas accounting and reporting system, on emissions reductions accounting. Nori operates a blockchain-based marketplace that issues cryptocurrency tokens to let corporations, governments and individuals fund carbon-dioxide removal. The platform pays farmers to adopt sustainable farming techniques that increase microbes in topsoil, which store CO2 in the ground. Nori launched its marketplace late last year and currently runs on cash and credit payments, with plans to begin selling its tokens this quarter. The company charges a transaction fee to funders and ties each token to the market price for one ton of carbon removal (currently about $15). Nori raised $1.3 million in a pre-seed round via Simple Agreements for Future Tokens (SAFTs) and says that cash will fund operations through the middle of the year. It plans to raise an additional $5 million from venture capital firms to expand its 10-person team. Nori is a graduate of the Techstars Sustainability Accelerator; CEO Paul Gambill co-founded the company with Christoph Jospe, and Klaus Lackner sits on the board.

Total raised

$19M

Funding rounds

4

Latest round

Equity

Latest activity

Jun 2023