Portfolio News
May 6, 2024

Treefera Raises $12m Series A to Bring Accountability to Carbon Markets

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Treefera Raises $12m Series A to Bring Accountability to Carbon Markets

Only months after announcing our investment in Treefera, we’re excited to share the latest news on their recent Series A raise. In the space of just seven months since the pre-seed round, the team has executed at a rapid pace, onboarding prominent global partners including Anew Climate, ACCIONA, and Maple Credits. 

In a category where tech and product haven’t always translated to revenue, Treefera has shown that data products such as dynamic baselining, risk assessment and carbon stock evaluation can meet the needs of forest owners, insurers, carbon auditors and traders - all resulting in substantial revenue growth. 

Where did we first meet?

At Concept, we know the value of being early. For the last two years, we’ve been heavily investing in our internal tools to meet teams as early as possible and ensure we’re one of the first conversations and commitments to top founding team’s journeys. Through these tools, we met Caroline and Jonathan in Spring 2023. 

Since we partnered, the growth has been nothing short of breathtaking as the team has scaled from 2 to 15 people, significantly scaled revenue and begun selling to some of the world's largest financial institutions and organisations.

What does Treefera do? 

Treefera offers its clients a platform that integrates satellite, drone, and ground truth data at a massive scale, overlaying cutting-edge AI algorithms to achieve accuracy and predictability. All of this results in continuous monitoring, assurance, and risk evaluation for the clients across the board.

Part of the Top 1%  

The Treefera Founding Team Scorecards

What excited us then and now? 

When speaking to the team early on, it was clear to us their blend of enterprise sales and AI experience mixed with the understanding of forestries through their childhood upbringing on farms, gave us confidence in their abilities to execute on the mission to bring clear and consumable data to an industry that has been plagued with untrustworthy actors. 

Having learnt from potential customers early on, it was clear there was a lack of solutions that could benefit forest owners and actors in the carbon market in such a way that was cheap, scalable and easy to use. With EUDR regulations also driving many businesses to adopt solutions, Treefera has been able to capitalise on this as well as continue to expand their product in terms of workflow integrations and supporting underwriting capabilities. The team have since expanded their direction to address the needs of those within supply chain, supply chain finance and project origination.  

At Concept, we continue to believe that at pre-seed, the founding team is the primary lens through which we evaluate opportunities, as outlined by in our people-driven investing framework

How Concept Has Supported

We always log all of the interactions and ways we support our founding teams. Since our investment last year, we’ve helped the Treefera team with over 55 interactions, broken down as follows:

VC Introductions (17): These were introductions made between Treefera and various VC funds in our network. Some converted at pre-seed and co-invested, others joined at Series A. 

Non-VC Introductions (12): These were introductions made between Treefera and other companies or individuals, potentially for partnership, sales, or other non-funding purposes.

Events (5): There are interactions related to various events, such as parties, workshops, and founder meetups, to which Treefera and other portfolio companies were invited.

Sales (3): A few entries indicate introductions made between Treefera and potential customers or clients for sales or business development purposes.

Marketing (3): There are a couple of interactions related to marketing activities, such as reviewing Treefera's press release, introducing them to branding agencies and general branding/website revamp help.

Feedback & Miscellaneous (8): These involved receiving feedback or advice on Treefera's product, website, or other aspects of the business. Some entries are categorised as "Misc." as they were ad-hoc.

Caroline Grey, CRO of Treefera, commented:

“Concept has been instrumental in getting us to our Series A milestone. They had firm conviction in our team and led the pre-seed round, bringing in the right co-investors. They have responded 24/7 whenever we have needed them and have been a pillar of support during our rapid growth to Series A."

Reece Chowdhry, GP at Concept Ventures, further said:

“Having spent the last nine months working with the team on this mission, it has been a pleasure to see the culture built by Jonathan and Caroline translate into meaningful revenue and attract top talent in Europe and the US. We are excited to continue supporting the team in this next phase of the journey.”

Traction / New Raise  

We are delighted to see Treefera adding our friends at Albion VC to the journey, bringing with them $12m and a wealth of experience across the climate sector. We can’t wait to see what comes next for this incredible company. 

You can read more about the round and company journey on Sifted: https://sifted.eu/articles/treefera-jpmorgan-uipath-climate-tech-news.