Solid World DAO Raises $2.5 Million in a Round Led by Yolo, Greycroft, Awesome People Ventures, Allegory, Possible Ventures, Draft VC, and Basecamp Fund
Solid World represents the world's first blockchain infrastructure for forward carbon credits. The DAO announced a successful fundraise of $2.5 million that was completed via private token sale. The round was reportedly heavily oversubscribed.
TALLINN, Estonia, May 3, 2022 (Newswire.com) - It's tough to start a new carbon project right now simply because it's difficult to find financing. There are many institutions that want to fund carbon projects through forward purchases, but there are major non-delivery risks and the forward credits are illiquid assets. That's why Solid World DAO is creating a blockchain-based tokenized infrastructure for forward carbon credits that derisks the projects and makes forward markets liquid and collateralizable. It is entirely rethinking the mechanics of the current forward carbon market with the power of blockchain and web3 technologies.
"The carbon markets are really untransparent and predatory towards new players right now. Our mission in Solid World DAO is to fix that. Using Blockchain and web3, we can realign the economic incentives for all the players in the space, bring capital efficiency to the institutions and make sure there is a liquid forward market for carbon credits," says Stenver Jerkku, Chairman of Solid World DAO.
The Solid World DAO team will spend 50% of the funds raised to build liquidity pools by pre-purchasing carbon credits, and the remaining 50% will be used to run the team/community rewards program.
"We see a very strong value alignment between Greycroft and Solid World. Our firm invests in founders of all backgrounds who lead companies at any stage," said Will Szczerbiak, Greycroft partner. "Solid World has a similar mindset when it comes to leveraging blockchain technology to support climate innovators around the planet who are developing promising decarbonization projects."
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Source: Solid World