HeavyFinance secures €3m seed funding from Practica Capital
HeavyFinance has secured €3m (£2.58m) through a seed funding round led by Practica Capital.
The agricultural peer-to-peer lending platform plans to use the funding to manage its transition from conventional to regenerative farming practices.
Last year, HeavyFinance launched its first green loans, which provide farmers with zero per cent interest loans to facilitate their transition to regenerative agriculture.
Read more: Vinted co-founder invests €1m in green loans via HeavyFinance
Over the course of 2023, the platform financed 72 projects, lending a total of €4m. To date, the platform has loaned more than €50m to farmers across Europe.
Chief executive Laimonas Noreika said that he is proud of the progress that the platform has made in “advancing sustainable agriculture and climate-conscious investments.”
“Looking ahead, envisioning the path that lies before us, I am inspired by the prospect of generating carbon credits from agriculture in Europe in 2024,” Noreika added.
Read more: Agricultural P2P gains traction across Europe
“Our unwavering commitment to supporting the sustainable development goals remains steadfast. We are dedicated to making agriculture sustainable for society, fostering an eco-friendly world that is on track to achieve net-zero emissions.”
HeavyFinance aims to remove one gigaton of CO2 emissions by 2050 by investing in sustainable agriculture. In the first half of 2024, the company is planning the sale of its inaugural carbon credits.
Read more: HeavyFinance to become leading carbon credit producer