Regrow Raises $17 Million Series A Funding to Scale Carbon Market Monitoring and Verification
As carbon sequestration initiatives continue to roll out at a breakneck pace, there is a simultaneous push to ensure that programs are transparent, accurate, and actionable for all stakeholders in the process. For software manufacturer Regrow, a key area of focus is monitoring and verifying that a farm field under a carbon program is following protocols and delivering the sequestration that’s been promised.
Regrow recently announced that it has received $17 million in Series A funding, which it is using to speed the development and rollout of its Monitoring, Reporting and Verification (MRV) tool. The system designed to accurately and transparently reporting environmental outcomes such as carbon sequestration and reduction in greenhouse gas emissions, providing historical analyses, scenario planning, and future projections.
Anastasia Volkova, Regrow’s founder and CEO, says that this is the first independent, objective turnkey system for the industry.
“Implementing and scaling responsible, sustainable agricultural practices is the most actionable strategy we can take to reverse climate change, but the payoff hasn’t been clear or immediate,” says Volkova. “Regrow’s MRV platform cracks the code on incentivizing growers, suppliers and CPG companies to implement profitable, scalable, climate-forward agriculture practices that can significantly reduce greenhouse gas emissions.”
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The program leverages integrations with numerous farm management systems, and allows growers to easily and securely submit agronomic records to quantify their carbon credits and other ecosystem outcomes. Satellite imagery and an Operation Tillage Information System (OpTIS) are utilized to map agricultural practices, such as cover cropping and tillage verifying and supplementing farmer records, removing the need for manual checking.
Farmer records and OpTIS maps can be employed to help estimate how much carbon farmers are storing in their soil, and how much they could store if they adjust their management practices.
“This minimizes the need for extensive soil testing, adds validity to the market system and gives farmers the ability to better predict outcomes and make changes accordingly,” says Volkova.
Debbie Reed, executive director of Ecosystem Services Market Consortium (ESMC), says that Regrow’s MRV is a critical enabler for developing sustainability programs in agriculture to reduce the carbon footprint of the industry.
“A number of leading global food and agriculture companies have launched robust sustainability programs to reduce their supply chain’s carbon outputs and to meet the requirements of investors, consumers and governments.,” she says. “Accurate and transparent monitoring of these outcomes are needed for credibility and integrity.”
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