Andrius Liukaitis, Darius Verseckas & Laimonas Noreika/HeavyFinance co-founders.
Climate fintech HeavyFinance raises €3m seed
With almost a third of global greenhouse emissions coming from agricultural products, HeavyFinance is hoping to revolutionise agricultural financing.
HeavyFinance, a climate tech company aiming to remove one gigaton of CO2 emissions through agricultural financing, has just raised €3m in seed funding.
The investment marketplace for the agricultural industry plans to use the funds to drive a major expansion, accelerating its sustainable finance options.
It provides financing and loan schemes to companies in the sustainable agriculture sphere in Poland, Portugal, Lithuania, Latvia and Bulgaria and has facilitated financing to more than 1,000 agricultural ventures so far.
The round was led by VC firm Practica Capital and will help the company continue its European expansion as it plans to nearly double its headcount over the next 12 months.
“After a successful seed round, HeavyFinance is ready to continue its expansion in the European marketplace, delivering sustainable climate investments to even more investors,” HeavyFinance co-founder and CEO Laimonas Noreika said.
HeavyFinance also plans to use the funding to accelerate the switch from conventional farming to regenerative practices, enrolling 200,000 hectares of regenerative farmland and creating direct access for businesses trying to offset their carbon footprint.
“Tackling climate change must be a united effort, and with almost a third of global greenhouse emissions coming from agricultural products, HeavyFinance is here to lead the charge in the agricultural sector,” Noreika continued.
“Food growth plays a vital part in the climate battle as a prominent global issue, and connecting investors with farmers and agricultural specialists through our finance platform can help accelerate the adoption of regenerative soil management practices to reduce carbon emissions output throughout Europe.”