Estonian startup Solid World DAO secures €2.3 million to fight climate change using blockchain and Web3 technologies

Photo credit: Stenver Jerkku

Solid World DAO, an Estonian start-up using blockchain technology to tokenize pre-purchase contracts for carbon credits, announced last week that it had raised $2.5 million in a funding round ) secured. The reportedly oversubscribed round was led by Yolo, Greycroft, Awesome People Ventures, Allegory, Possible Ventures, Draft VC and Basecamp Fund.

Solid World plans to use the funds to build liquidity pools through pre-purchase of carbon credits and a team/community rewards program.

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Stenver Jerkku, Founder and Chairman of Solid World DAO, says: “Carbon markets are currently opaque and predatory to new entrants. Our mission in Solid World DAO is to fix that. Using blockchain and web3, we can realign the economic incentives for all players in this space, bring capital efficiency to institutions and ensure there is a liquid futures market for carbon credits.”

What solves Solid World DAO?

Climate change is one of the most important challenges facing humanity right now, and people around the world are working to come up with innovative ways to save the planet. However, the funding is not enough to simply start a new carbon project.

According to Solid World, many institutions want to finance carbon projects through trucking purchases, but there are significant non-delivery risks and the term loans are illiquid assets. And that’s the problem the Tartu-based company hopes to solve through a blockchain-based tokenized infrastructure.

Solid World DAO: What you need to know

Founded by Stenver Jerkku, Solid World DAO is a community-held protocol that helps stop climate change by fairly funding future projects.

Driven by Web3 technologies and blockchain, the company reduces risks in projects and makes futures markets liquid and securable.

The company’s proposed solution allows high-value carbon projects to access pre-certification financing by pre-selling a portion of their carbon credits.

investors

Based in New York, Greycroft is a venture capital firm focused on technology startups and investments in the internet and mobile markets.

The VC has over $1B under management and since inception has made over 200 investments in leading companies including Acorns, App Annie, Bird and more.

“We see a very strong value alignment between Greycroft and Solid World. Our firm invests in founders of all backgrounds who lead businesses at every stage,” said Will Szczerbiak, partner at Greycroft.

“Solid World has a similar mindset when it comes to using blockchain technology to support climate innovators around the world developing promising decarbonization projects.”

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