Foros raises €1.2 million, sees the forest for the trees

dan@tech.eu
Vilnius-based green investment platform Foros has taken on its first outside funding and raised €1.2 million. The fresh funding is slated to help the platform further develop its forest investment and management services available in Lithuania and Latvia, push expansion into Estonia and Finland, and develop a forest carbon impact calculator. Founded in 2017, the Foros platform facilitates the buying and selling of forest land via auctions as well as a forest management service, aptly titled Foros Grow. This service provides for sustainable tree growth through selective logging, removing weaker trees from a forest, thus promoting the long-term health and growth of stronger trees. Staying relatively close to home, Foros is eyeing expansion throughout the Nordics. “Unlike other green fintechs that have chosen to expand vertically, Foros decided to go deep in and create a 100% digital, innovative and transparent alternative to the traditional forestry industry,” comments CEO Justas Kaveckas. “We aim to open up sustainable forest investments and management for wider groups of people and to allow them to see their climate impact from their forest portfolio.” The €1.2 million in funding arrives via Iron Wolf Capital, 70 Ventures, and CoInvest Capital.
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