On July 7 2021, Greentech startup Single.Earth announced that it has secured a $7.9 Million fundraise from ETQ Ventures and many leading investment firms. The funding round also witnessed the participation of its subsisting investors Icebreaker, Ragnar Sass and Martin Henk, founders of Pipedrive. The capital will be used to launch its marketplace for nature-backed MERIT tokens, as the startup says in “Tokenize Nature.”
Purpose of Investment
Co-founded by Merit Valdsalu and CTO Andrus Aaslaid in 2019, Single.Earth plans to develop a ‘digital twin’ of nature using ecological data via tech tools satellite imagery that can reveal how much any area of environmental significance retains biodiversity and absorbs CO2. It intends to mount global carbon models on which base its token industry will be making profits via carbon compensations and ‘mining’ a new MERIT token for each 100 kg of CO2 sequestered in some particular forest or biodiverse area.
Then comes in plat the MERIT tokens managed for trading, recompensing for CO2, or contributing to climate goals. Companies, organisations, startups and eventually people will buy these tokens and own dispersed amounts of natural resources, remunerated with carbon and biodiversity offsets. The demand for carbon credits is expected to be worth higher than $50 billion by 2030. The company explains how Single.Earth creates MERIT tokens:
- Onboarding tangible natural assets: All the landowners who participate with Single.Earth can add their land to the program, given that the startup structure works with landowners who conserve and restore forests, wetlands, and other natural resources.
- They are building a digital twin of Earth: Single.Earth merges satellite data, extensive data analysis, and machine learning to create digital imagery of the world’s view – and land added to its platform – sequesters carbon and holds biodiversity.
- Issuing MERIT tokens: The startup produces one tradable MERIT token for each 100kg of CO2 captured in the biodiverse environment in real-time. These tokens are then allotted to landowners who can quickly exchange them on the genuine and secure Single.Earth marketplace.
What the CEO has to say
Co-founder of Single.Earth, Valdsalu said, “Nature preservation is scalable, friendly, and makes sense financially. Added to that, it’s vital to engineer a system for change.”
What the Investor has to say
Venture Lead at EQT Ventures, Sandra Malmberg, stated, “Oil was the late gold and data is the new oil. Now, nature is the most valuable resource. We are excited to back a startup with a hectare of forest preserved as a key metric to ascend.”
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