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Estonian Solid World raises capital in an oversubscribed seed round for providing fair financing to future carbon projects

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Tartu-based decentralized carbon derivatives marketplace Solid World has raised 2.5 million dollars in a seed round led by Yolo, Greycroft, Awesome People Ventures, Allegory, Possible Ventures, Draft VC, and Basecamp Fund. The company’s platform provides pre-financing solutions to future carbon projects by the help of blockchain and web3 technologies. The funding will help the company build liquidity pools and run a reward programme.

Solid World DAO Raises $2.5 Million in a Round Led by Yolo, Greycroft, Awesome People Ventures, Allegory, Possible Ventures, Draft VC, and Basecamp Fund

Solid World represents the world’s first blockchain infrastructure for forward carbon credits. The DAO announced a successful fundraise of $2.5 million that was completed via private token sale. The round was reportedly heavily oversubscribed.

It’s tough to start a new carbon project right now simply because it’s difficult to find financing. There are many institutions that want to fund carbon projects through forward purchases, but there are major non-delivery risks and the forward credits are illiquid assets. That’s why Solid World DAO is creating a blockchain-based tokenized infrastructure for forward carbon credits that derisks the projects and makes forward markets liquid and collateralizable. It is entirely rethinking the mechanics of the current forward carbon market with the power of blockchain and web3 technologies.

Solid World, Stenver Jerkku“The carbon markets are really untransparent and predatory towards new players right now. Our mission in Solid World DAO is to fix that. Using Blockchain and web3, we can realign the economic incentives for all the players in the space, bring capital efficiency to the institutions and make sure there is a liquid forward market for carbon credits,” says Stenver Jerkku, Chairman of Solid World DAO.

The Solid World DAO team will spend 50% of the funds raised to build liquidity pools by pre-purchasing carbon credits, and the remaining 50% will be used to run the team/community rewards program.

Solid World, Greycroft, Will Szczerbiak“We see a very strong value alignment between Greycroft and Solid World. Our firm invests in founders of all backgrounds who lead companies at any stage,” said Will Szczerbiak, Greycroft partner. “Solid World has a similar mindset when it comes to leveraging blockchain technology to support climate innovators around the planet who are developing promising decarbonization projects.”

Click here to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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