A Brazilian startup, re.green, has received new funding to help achieve its goals of replanting native species and restoring forests in the Amazon rainforest, with the new funds totaling $80 million reais ($14.3 million) in investments, as Reuters reported. That's a lot of money put toward saving the planet.
In May, Brazilian state development bank BNDES sealed the deal with re.green to help finance the company's ongoing mission. Considering many similar startups have had trouble getting funding given macroeconomic headwinds, this is a huge win.
That's due in part to re.green's strategy: As Thiago Picolo, the company's CEO, said in the Reuters report, "We have a mantra that is de-risking, which is how we will, over time, reduce uncertainty and bring more confidence to our market." Re.green is actively working to help investors see what makes their startup worth backing as the world moves toward a cleaner economy.
What makes this funding such a big deal is re.green's focus: replanting native species on degraded land. These efforts help restore damaged areas of the Amazon and Brazilian coastal rainforests.
Re.green also provides companies with a way to purchase carbon credits to offset the pollution they create. The results speak for themselves: Re.green is restoring 26,000 hectares (64,247 acres) of the Amazon and Atlantic rainforest regions, creating over 200 jobs for people in the area, according to the startup.
Many companies and organizations worldwide are getting involved in reforestation. Per the National Forest Foundation, restoration efforts have created jobs, improved recreation opportunities, enhanced air and soil quality, and protected wildlife.
The Brazilian state development bank described the new financing deal as showing "we have a powerful tool to enable investments in the recovery of degraded areas in the country," per Reuters.
Additionally, re.green has also made deals with major companies like Microsoft. As reported by Carbon Herald, re.green chairman and co-founder Marcelo Medeiros said that the partnership "underscores re.green's commitment to its founding mission: to advance science-led large-scale tropical forest restoration benefiting climate, biodiversity, and local communities."
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