Opna, a London-based startup formerly known as Salt, has secured $6.5 million in seed funding to help bridge the gap between businesses seeking to invest in carbon projects and the projects themselves.
Opna’s platform aims to simplify and streamline the process of discovering, funding, and monitoring carbon projects for corporations participating in the voluntary carbon market (VCM).
The voluntary carbon market plays a crucial role in helping companies offset their greenhouse gas emissions and work toward carbon neutrality. However, the process of finding and financing carbon projects can be cumbersome and inefficient, often relying on manual procedures.
Opna’s platform connects corporations with vetted project developers, saving them time and effort in sourcing suitable projects. It also facilitates financing by offering standardized processes and agreements. Furthermore, Opna allows businesses to monitor their portfolio of carbon projects over time using key performance indicators (KPIs) and risk reporting.
Opna’s founder, Shilpika Gautam, explained that the current approach to carbon project discovery and financing lacks digitalization and consistency, making due diligence challenging for businesses. Opna aims to address this by providing a digital platform that offers transparency and efficiency.
The startup primarily focuses on supporting smaller and mid-sized project developers that often need upfront financing to carry out their carbon projects. Corporations can provide funding upfront in exchange for future carbon credits or a commitment to purchase carbon credits upon project completion.
Opna’s business model involves charging a set percentage on completed financing transactions and offering an annual subscription for monitoring, tracking, and reporting on financed projects.
The startup has already signed up several project developers from around the world, covering various types of projects, including reforestation, biodiversity conservation, and biochar initiatives. On the financing side, Opna has privately beta-tested its platform with multiple enterprises across various sectors.
Opna’s funding round will primarily be used to scale its operations and raise awareness among potential customers over the next couple of years. The startup aims to contribute to the voluntary carbon market by enabling businesses to finance carbon projects from their inception, ultimately increasing the supply of high-quality carbon credits.
www.techcrunch.com/2023/09/05/opna-wants-to-help-companies-hit-net-zero-by-finding-and-funding-carbon-projects/