InPlanet raises an oversubscribed Seed round to increase funding to €5,6M
November 8, 2023
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InPlanet raised an oversubscribed Seed round to increase funding to €5,6M from leading impact, climate and deeptech investors, to become the leading Enhanced Rock Weathering company in the tropics.
Spreading large amounts of rock powder has the potential to remove gigatonnes of carbon from the atmosphere in a safe and affordable way, and lock carbon away for thousands of years.
With focus on tropical agriculture, InPlanet will use the funds to scale the company’s Measurement, Reporting and Verification capabilities, and to spread 200,000 tonnes of rock powder to capture 40,000 tonnes of CO2.
InPlanet is on pace to remove 1M tonnes of CO2 by 2026.
The German-Brazilian company InPlanet secured a €4,3M Seed round in October 2023, following the €1,3M Euros Pre-seed funding from January. The investment is from leading impact, climate and deeptech investors, FoodLabsandSalvia, as well as investors from the Pre-Seed Round who invested again,Mudcake, Carbon Removal PartnersandÜbermorgen Ventures. InPlanet’s goal is to build a scalable solution for Carbon Removal through Enhanced Rock Weathering in the tropics and to become the leading company doing so.
The company plans to remove its first megaton of carbon by 2026, while developing strong partnerships. The global interest in Enhanced Rock Weathering is largely driven by the demand for regenerative agriculture to produce CO2 neutral products.
"The rapid progress we made in the last twelve months is demonstrating the huge potential of ERW as a CDR technology as well as a game changer for farmers. We are excited to pave the way with our partners and investors to establish InPlanet as a thought leader in the tropics! I am especially thankful for our fast-growing, impact-driven team, forming a unique company culture with us founders", says Felix Harteneck, CEO of InPlanet.
Co-Founder and COO, Niklas Kluger, who manages operations in Brazil, observed that working with the Farmers and Science community has built their confidence in the carbon removal potential of ERW as well as the co-benefits.
Throughout earth’s history, most of our atmospheric carbon dioxide has been removed through weathering of silicate rocks, which react with water and CO2 and as a result, dissolved bicarbonates are produced. Eventually they wash away through groundwaters and rivers to oceans where they form carbon rich sediments.
InPlanet accelerates this natural Carbon Removal process by distributing suitable rock powder on agricultural land in the tropics, because climate and soil provide optimal weathering conditions.
In addition to the ability to remove carbon from the atmosphere, Enhanced Rock Weathering regenerates tropical soils and fertilises crops. This allows farmers to reduce the input of limestone, synthetic fertilisers and pesticides. Therefore, InPlanet also contributes to emission reductions and a more sustainable way of farming, growing healthier and more nutritious food.
The most recent round of funds will be used to scale the company’s Measurement, Reporting and Verification capabilities, as well as to spread 200,000 tonnes of rock powder to capture 40,000 tonnes of CO2, keeping InPlanet on pace to remove 1M tonnes of CO2 by 2026.
InPlanet’s team continues to grow and many of them are leading experts in their respective fields of expertise. InPlanet’s investors have commented on the importance and scalability of the company’s work to mitigate climate change:
“We are so excited to be a part of InPlanet’s unique journey and continued success - they are creating a huge buzz in the space of ERW and we are confident they will keep delivering on their promise”, says Patrick Noller, General Partner at FoodLabs.
“The climate crisis is one of the largest threats to our planet in modern times. It is important for us to take on responsibility in this matter, which is why we want to support with our experience building innovative companies, to help scale forward-looking technologies, which accelerate the climate transition. We are impressed with the work of InPlanet and excited to be a part of the onward journey”, says Helmut Jeggle, Founder and Managing Partner at Salvia.
FoodLabs is the leading pan-European Early Stage VC investor and venture studio for food, sustainability and health. We strongly believe that entrepreneurship holds the key to pushing the boundaries in the food industry. Based in Berlin, FoodLabs has built and invested in more than 50 early-stage FoodTech companies since 2016. We’re backing the most ambitious, purpose-driven entrepreneurs, who are committed to changing the world’s largest industry. FoodLabs has been an early investor in some of the most seminal European FoodTech startups including Meatable, Klim, Mushlabs and Formo. More at: https://www.foodlabs.com/
Carbon Drawdown Initiative
The mission of Carbon Drawdown Initiative is to speed up negative emissions. They put this into action by investing in companies that remove carbon from the atmosphere in ways that are permanent and scalable. Apart from their investments, they are also running Project Carbdown where they conduct weathering experiments and research together with scientists from six universities, which makes them an important player in the Enhanced Rock Weathering research field. More at: https://www.carbon-drawdown.de/home-en
Carbon Removal Partners
Carbon Removal Partners (CRP) is a Zurich-based VC with a pure focus on the growing CDR industry. CRP invests into technologies to withdraw carbon from the atmosphere in a permanent manner, as well as into companies along the Carbon Removal value chain. It is their goal to collaborate with the most ambitious entrepreneurs of the industry to make the need of reversing humanity’s carbon streams become a reality. More at: https://carbonremoval.partners/
Katapult is a Norwegian Venture Capital firm that commits to financing startups with impact. Currently, they focus their operations on the themes Ocean, Climate and Africa. Aside from investing, Katapult also runs an accelerator program for impact startups, in which InPlanet has participated in 2022. More at: https://katapult.vc/
Mudcake (formerly Trellis Road) is a microfund run by ex-founders dedicated to making the world a better place for the next generation. They invest in the strongest founders shaping the way we produce, distribute, and consume food. Their typical ticket is $200k-$600k in pre-seed and seed rounds globally. So far, their portfolio includes 25+ startups on 4 continents. More at: https://mudcake.com/
Salvia is a first generation single family office based in Holzkirchen near Munich, which was founded in 2014 by Helmut Jeggle. Originally started with traditional angel investments, Salvia has developed into an entrepreneurial venture capital investor. Salvia's focus is on innovative start-ups in the field of deep tech and science. Salvia recognises that our society is facing a decade of technological breakthroughs. Global macro trends such as climate change and resource scarcity are creating new challenges for companies that are addressing the global need for sustainability to reduce costs, reduce emissions and energy consumption, and drive innovation. With their know-how, entrepreneurial orientation and partnership approach, they help shape change and create sustainable value. More at: https://salvia.de/
The Swiss VC firm Übermorgen specifically invests in early-stage climate-tech startups. The team consists of mission-driven entrepreneurs that have already built many successful companies in the past. Apart from investing in carbon solutions, they focus on Clean Energy, Food-tech & sustainable agriculture, Transportation & Mobility, and Manufacturing. Their portfolio consists of a wide variety of startups that have developed alternatives to conventional products or services that will reduce 1mn tonnes annually of CO2 from 2030 onwards. More at: https://www.uebermorgen.vc/
Download this Press Release and accompanying materials here.
Elaborating on the great potential of Enhanced Rock Weathering in Brazil. This is because Brazil already has a long history and established market for rock powders and their application for agriculture in the form of remineralizers.