NCX Raises $50m in Series B Funding for Expansion Outside US
A Brief Summary
NCX, a San Fransico based business, recently announced raising $50 million in series B funding for expanding its operation outside the United States. The company is a science-driven forest carbon marketplace delivering a large-scale, immediate impact on climate and communities.
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Energize Ventures led the investment round with participation from J.P. Morgan, Intercontinental Exchange, Dalus Capital, Clearvision Ventures, Scribble Ventures, and Marc Benioff's TIME Ventures. Katie McClain, a partner at Energize Ventures, joined the NCX Board of Directors.
The company looks forward to using the funds for expanding its business outside the US. It also formed new natural capital markets aimed at a $1 billion voluntary carbon market.
NCX's natural capital marketplace, led by Zack Parisa, Co-founder and CEO, monetises the advantages of forest management. NCX is allowing organisations to accomplish net-zero objectives with high-quality offsets that benefit landowners of all sizes by employing high-integrity data and measurements to create carbon credits. NCX attracted 2,470 landowners from 39 states in its first year of operation, totalling 4.3 million acres.
Microsoft, Rubicon, South Pole, Incyte and others. are the carbon credit buyers incentivising the delayed harvest of forests through the NCX marketplace.