Openspace leads SG carbon project startup’s $2.6m seed round

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Thryve.Earth, a Singapore-based carbon project developer, has secured US$2.6 million in a seed funding round led by Temasek-backed VC firm Openspace, bringing the total funds raised by the company to US$3.4 million.

The fundraise was also joined by existing backer Capital Code, an investment management firm focusing on the agri-food sector, and strategic angel investors.

Thryve said that the new funds will facilitate the construction of tools that will de-risk and streamline project assessment as well as design and implement carbon projects.

It will also enable the company to grow its team and expand into other markets in Asia and Latin America.

Thryve is a full-stack project developer headquartered in Singapore with operations in Indonesia, Brazil, and select regions in Africa. It uses a tech stack to assess, design, and implement carbon projects. Technologies leveraged by the firm include remote sensing, machine learning, and advanced modeling.

The company said it has engaged with more than 500 field organizations and landowners across its current markets over the past 18 months to identify “promising project development opportunities.”

“We recognized from the outset that finding projects is only one half of the equation; getting them financed is the other,” said Thryve co-founder and chief project officer Ron Steinherz. “It’s why we’ve put a lot of effort into understanding what financiers need for allocating capital, and then developing scalable tech-enabled solutions to drive value and bridge the financing gap.”

Thryve has also begun servicing more than 400,000 hectares of land for agroforestry, afforestation and reforestation purposes. This has resulted in the potential for more than 3.6 million carbon credits annually, said the company.

Highlighting the finance sector’s transition toward a low-carbon economy, Jaclyn Seow, Openspace’s director of ESG, believes carbon markets have emerged as an “inevitable cornerstone.”

“The principles of verifiable high quality, the ability to adapt to evolving methodologies, and robust stakeholder engagement serve as pivotal differentiators. Thryve exemplifies these principles and are firmly establishing themselves as leaders in this space,” she said.

See also: Mapping Temasek’s role in the startup space

This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.