Open Forest Protocol finalises seed round

Open Forest Protocol  (OFP) is a digital platform for the verification and issuance of carbon credits. Founded in 2021 by Frederic Fournier and Michael Kelly, the startup provides carbon developers with a no upfront cost, open source, and network-based verification system that allows them to bring transparent, verifiable, and valuable carbon credits to market. By providing a scalable, transparent, and data-driven approach to carbon credit verification and issuance, OFP is poised to play a significant role in the evolving landscape of nature-based climate solutions and environmental finance.

The voluntary carbon market is projected to reach $100 billion by 2050, highlighting the potential for OFP's services. OFP is currently running 190 afforestation and reforestation and regeneration projects across 20 countries on the blockchain-based Atlas Explorer product.

Currently, in collaboration with two national governments, the scalability of Open Forest Protocol allows for large national forest projects and local, and small landowners alike to access global carbon markets with a low-cost, efficient system. The value chain is lengthened to reach organizations, companies, and institutions directly from vital stewards of the land on the ground.

The latest seed round was led by Übermorgen Ventures and supported by BackBone Ventures and GS Futures as well as prominent foundations such as Bloom Foundation, NEAR Foundation, and Fondation Valery. This round will pave the way for long-term development with sustainability-driven companies, collaboration with national governments worldwide, and the initiation of dozens more projects to the protocol.

“The strong support of investors experienced in our seed round is a validation of both our vision and strategy. Only an equitable, truthful system backed by immutable, open data will truly value forests on the ground as well as in the voluntary carbon market. We must act together to fight for our planet and give value to nature.”- Frederic Fournier, CEO of Open Forest Protocol.

Coinciding with the round, the company will benefit from the support of Open Forest AG board members,  Myke Näf, co-founder and managing partner at Übermorgen Ventures, Ines Najorka, partner at Bloomhaus Ventures AG, and Tibère Adler, entrepreneur and co-founder of Heidi.news.  They will be vital to the development of Open Forest Protocol and the future of on-chain natural assets.