Carbon project developer gets US$2.6 million funding led by Temasek-backed Openspace

CARBON project developer Thryve.Earth has secured US$2.6 million in its funding round led by Temasek-backed venture capital firm Openspace, bringing the total funding raised by the company to US$3.4 million.

The round was also supported by existing investors Capital Code, an investment management firm focusing on the agri-food sector, and key strategic angels.

Thryve on Wednesday (Mar 6) announced its fresh funding will facilitate the construction of next-generation tools that will de-risk and streamline project assessment, as well as design and implement projects.

It will also enable the company to grow its team and expand into other markets in Asia and Latin America.

Thryve is a tech-enabled full-stack project developer headquartered in Singapore, with operations in Indonesia, Brazil and select regions in Africa.

It uses a tech stack – a set of technologies used to develop an application – to assess, design and implement carbon projects. Technologies leveraged by Thryve include remote sensing, machine learning and advanced modelling.

The company said it has engaged with more than 500 field organisations and landowners across its current markets over the past 18 months to identify “promising project development opportunities”.

Thryve co-founder and chief project officer Ron Steinherz said: “We recognised from the outset that finding projects is only one half of the equation; getting them financed is the other. It’s why we’ve put a lot of effort into understanding what financiers need for allocating capital, and then developing scalable tech-enabled solutions to drive value and bridge the financing gap.”

Thryve has also begun servicing more than 400,000 hectares of land for agroforestry, afforestation and reforestation purposes, while avoiding deforestation projects.

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This has resulted in the potential for more than 3.6 million carbon credits annually, said the company. 

Highlighting the finance sector’s transition towards a low-carbon economy, Jaclyn Seow, Openspace’s director of ESG, believes carbon markets have emerged as an “inevitable cornerstone”.

“The principles of verifiable high quality, the ability to adapt to evolving methodologies, and robust stakeholder engagement serve as pivotal differentiators. Thryve exemplifies these principles and are firmly establishing themselves as leaders in this space,” she said.