French carbon credit financing provider Rize has closed its pre-seed round at €3 million.
Rize helps farmers build new income streams by earning carbon credits for starting decarbonisation activities; for example planting new forests on their land to absorb greenhouse gases.
The startup offers financing loans that allow farmers to invest capital expenditure to get carbon credits, which can be sold later on at a profit to emissions-heavy industrial users.
In addition, Rize has an action programme to help farmers make best use of fuel, land and fertilisers, and to increase crop yields using the "latest farming knowledge."
The pre-seed round was co-led by three investors: Anthemis, Mirova (investing on behalf of L'Oreal Fund for Nature Generation,) and global financial services company BBVA.