Friday, April 12, 2024
HomePeer to Peer LendingHeavyFinance secures €3m seed funding from Practica Capital

HeavyFinance secures €3m seed funding from Practica Capital

HeavyFinance has secured €3m (£2.58m) by way of a seed funding spherical led by Practica Capital.

The agricultural peer-to-peer lending platform plans to make use of the funding to handle its transition from standard to regenerative farming practices.

Final 12 months, HeavyFinance launched its first inexperienced loans, which offer farmers with zero per cent curiosity loans to facilitate their transition to regenerative agriculture.

Learn extra: Vinted co-founder invests €1m in inexperienced loans by way of HeavyFinance

Over the course of 2023, the platform financed 72 tasks, lending a complete of €4m. Up to now, the platform has loaned greater than €50m to farmers throughout Europe.

Chief govt Laimonas Noreika mentioned that he’s happy with the progress that the platform has made in “advancing sustainable agriculture and climate-conscious investments.”

“Trying forward, envisioning the trail that lies earlier than us, I’m impressed by the prospect of producing carbon credit from agriculture in Europe in 2024,” Noreika added.

Learn extra: Agricultural P2P positive aspects traction throughout Europe

“Our unwavering dedication to supporting the sustainable growth objectives stays steadfast. We’re devoted to creating agriculture sustainable for society, fostering an eco-friendly world that’s on observe to realize net-zero emissions.”

HeavyFinance goals to take away one gigaton of CO2 emissions by 2050 by investing in sustainable agriculture. Within the first half of 2024, the corporate is planning the sale of its inaugural carbon credit.

Learn extra: HeavyFinance to grow to be main carbon credit score producer



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