GERMANY – Senken, a Berlin, Germany and Cape Town, South Africa-based climate finance trading platform of on-chain carbon credits, raised USD $7.5M in funding.
The round was led by Obvious Ventures, with participation from Offline Ventures, Inflection, Kraken Ventures and Climate Capital. The company intends to use the funds to power a transparent and liquid marketplace for the purchase, sale, and retirement of carbon credits.Founded in 2021 and led by CEO Adrian Wons, Senken operates a climate finance trading platform of on-chain carbon credits. The marketplace offers users access to more than 20 million tokenized carbon credits from verified climate projects. Project information, ratings, trade, pricing, and sensor technology is presented in a clear way, which makes it easy to compare, invest, and retire credits on-chain. Founded in 2021, the company’s corresponding project credits can be bought, traded, and used to offset carbon emissions by companies looking to make impactful contributions to the climate crisis. By using blockchain technology, Senken provides its customers with additional security and transparency at the data level to ensure the quality and integrity of the offset projects. The launch of Carbon Forwards on the Senken marketplace enables transparent investments in tokenized carbon credits from verified climate projects. Carbon Forwards, a new financial instrument, allows pre-funding of climate projects that are still in development for a reduced price. These Forwards allow organizations to hedge their carbon emissions and manage their exposure to carbon prices. Senken has initiated a pilot with Vlinder who will provide 500tCO2 of forward carbon credits. These credits will enable funding to reforest mangroves in Kenya. The Vlinder Kenya Blue Carbon project is a high impact restoration effort with an emission removal capacity of 731,165 tons that aims to revitalize 1,500 hectares of severely degraded mangroves in Kenya. 27/01/2023
