From TechCrunch, November 10:
Carbon management startup Carbon Direct is buying another carbon credit startup, Pachama, the companies announced today.
Pachama laid off around 20 employees this summer as voluntary carbon markets softened. The company had attracted investments from a range of prominent names, including Amazon’s Climate Pledge, Breakthrough Energy Ventures, Lowercarbon Capital, and several celebrity angel investors, including Ellen DeGeneres, Laura Dern, and Serena Williams.
“The current uncertain and volatile financial, economic, and geopolitical climate, added to the anti-ESG agenda in the U.S., is indeed having an effect on corporate sustainability budgets,” Diego Saez Gil, CEO of Pachama, told Trellis when the layoffs happened. “The impact is especially acute in the voluntary carbon market, which was already in a moment of correction.”
Pachama had raised $88 million, while Carbon Direct had raised $60.8 million, according to PitchBook. Terms of the deal were not disclosed.
Pachama was focused on nature-based carbon credits, which typically result when forests are either restored or preserved. Carbon Direct, on the other hand, is more of a carbon market advisory and accounting firm, helping companies track and report their carbon footprints and then vet carbon credits to offset them....
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