Mombak Secures $150 Million for Second Reforestation Fund

Brazilian startup Mombak has secured funding for its second reforestation fund, aiming to raise $150 million for restoration projects in the Amazon. The fund will have access to a 200-million-real ($38.88 million) credit line from Brazil's Climate Fund, operated by state development bank BNDES.

Mombak CEO Gabriel Silva said that the company is only raising its second fund because it proved over the last five years that there is a business and market for carbon removal credits. The first fund raised $120 million from investors including AXA, CPP Investments, and Bain Capital, financing restoration projects on 15 Amazon farms where nearly 15 million native trees were planted.

Mombak has also signed a multiyear carbon removal offtake agreement with Salesforce, adding the software firm to its buyer roster that includes Google, Microsoft, and McLaren Racing. The company expects a second issuance of reforestation carbon removal credits by the end of 2026, roughly 80,000 metric tons.