Cultivo raises $14 million in Series A funding led by MassMutual Ventures and Octopus Energy Generation

Cultivo LOGO (002)
  • Cultivo’s pipeline of high-quality nature-based carbon removal projects surpasses 100m hectares, equivalent to more than double the land size of California
  • New funding allows Cultivo to supercharge its AI-driven science & technology platform
  • The round follows Mark Carney joining Cultivo’s board and brings the company’s total funding to over $20m
  • Cultivo signs agreement with Octopus Energy Generation to deploy up to $40m into natural capital projects
  • Cultivo continues its expansion and impact in Mexico and Latin America where the potential for natural capital growth is of high value.
  • Cultivo is a Mexican-led company with a strong technical, financial and operational team in Mexico.
  • This survey strengthens the interest of foreign investment in Mexican and Latin American initiatives.
  • Cultivo has regenerative projects in grasslands and forests in the country and expects to triple its impact in the coming year. Additionally, Cultivo will grow its current team in Mexico by leveraging the great national talent.

January 30th  2024, San Francisco/Boston/London – Cultivo, a public benefit corporation, today announced it has raised $14 million in Series A funding to accelerate its mission to unlock investment into regenerating nature at scale through high-quality projects.

The funding round co-led by MassMutual Ventures and Octopus Energy Generation, with participation from Salkantay Ventures and Peña Verde, will speed up the business’ growth and  brings Cultivo’s total funding to over $20 million.

The news follows a strong year for Cultivo, which saw it welcome Mark Carney onto its board, and its pipeline of natural capital projects surpass 100m hectares, equivalent to more than double the land size of California. This pipeline has the potential to remove more than 3 Gigatons of carbon dioxide, which is roughly equivalent to the EU’s annual carbon emissions (2.73 GtCO₂ in 2022).

The growth in Cultivo’s pipeline has been driven by financial institutions and companies turning to Cultivo to originate their own high-quality natural capital projects. For example, projects that regenerate degraded land through sustainable grassland management or reforestation activities.

Cultivo co-designs and monitors these high-quality projects to measure the increases in carbon capture, biodiversity, and water storage, as well as the social impact on the local communities and land stewards. 

Commenting on the new funding, Dr Manuel Piñuela, CEO and Co-Founder of Cultivo, said: “Investors are recognizing the value and scale of the natural capital investment opportunity, and companies are wanting to secure a future supply of high-quality carbon removal credits to mitigate volatility and quality concerns seen in the voluntary carbon market. This funding allows us to continue to deliver our growing pipeline of high-quality natural capital projects for our institutional customers, and accelerate the development of our AI-driven science & technology platform. We’re deeply honored to have MassMutual Ventures and Octopus Energy Generation join us on our mission to regenerate nature at scale”.

As part of this news, Cultivo has also signed an agreement with Octopus Energy Generation for them to deploy up to $40 million into natural capital projects across North America, Europe and Australasia.

Timothy Krysiek, Managing Partner of the Climate Technology Fund at MassMutual Ventures said, “Cultivo’s focus on leveraging technology to rapidly scale investment in the next generation of high-quality, nature-based carbon removal projects that enrich biodiversity matched our forward view of natural capital markets. Our investment in Cultivo reflects our broader strategy of partnering with exceptional teams who are addressing important, historically underfunded climate challenges.“

Alex Brierley, co-head of Octopus Energy Generation’s fund management team, added: “Cultivo are leading the way in carbon removal projects which are helping the natural environment flourish while providing meaningful benefits to local communities that host them. Their tech-led approach, track-record and experienced team means we’re confident Cultivo has a winning formula for long-term success in this essential and fast-growing market. We’re looking forward to working with them as they grow and develop more projects globally, making a truly positive impact.

Miranda Newswire – Full Press Release: Download PDF

About Cultivo

Cultivo is a public benefit corporation accelerating investment to regenerate nature at scale. Cultivo unlocks the value of natural capital by using its AI-driven science and technology platform to supercharge project origination and by mobilizing different pools of capital into land regeneration projects that remove carbon, increase biodiversity and improve water storage. Cultivo also works in close partnership with leading NGOs and land partners to co-design, implement and monitor projects to the highest standards that are fair and equitable for local communities and land stewards. For more information, visit https://cultivo.land

 

About MassMutual Ventures

MassMutual Ventures (MMV) is a multistage global venture capital firm investing in climate technology, financial technology, enterprise SaaS, healthtech, and cybersecurity. With teams based in Boston, Singapore, and London, MMV manages over $1 billion in investment capital across the globe. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.

 

About Octopus Energy Generation

Octopus Energy Generation is driving the renewable energy agenda and building green power for the future. This means reshaping the market by leading the transition to a cleaner, greener future through renewable projects connected more deeply to customers and businesses.

As one of Europe’s largest investors in renewable energy, its fund management specialist team launched in 2010 with a mission to accelerate the transition to a future powered by renewable energy. This team manages 3.2 GW of renewable energy projects like wind and solar farms across 17 countries, worth £6bn. These projects generate enough green energy to power 2 million homes every year, and is the equivalent of taking over 1 million petrol cars off the road. The business also launched the Fan Club, the world’s first local energy tariff that provides cheaper, greener energy to customers living near local turbines when it’s windy, with a discount of up to 50%. For more information, visit: https://www.octopusenergygeneration.com/

 

PR contact

Dark Green PR

07940 968704,  team@darkgreenpr.com

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