Mombak Secures Funding, Signs Deal with Salesforce in Carbon Removal Market Expansion
Brazilian startup Mombak has secured the first close of its second reforestation fund, Amazon Reforestation Fund II. The new fund aims to raise $150 million to finance restoration projects in the Brazilian Amazon and will have access to a credit line from Brazil's Climate Fund, operated by state development bank BNDES.
Mombak has also signed a multiyear carbon removal offtake agreement with Salesforce, adding the software firm to its roster of buyers that includes Google, Microsoft, and McLaren Racing. The deal follows Mombak's first issuance of reforestation carbon removal credits earlier this year, which is expected to be followed by a second issuance of roughly 80,000 metric tons by the end of 2026.
Mombak CEO Gabriel Silva says that while Big Tech companies like Google and Microsoft have helped establish the market for high-quality carbon removals, he expects demand to broaden into new industries. Silva notes that productivity gains and improved reforestation techniques are lowering costs and making credits accessible to a wider range of buyers.