Open Forest Protocol, a Zug, Switzerland-based provider of an open forest measurement, reporting and verification platform built on a carbon neutral blockchain, raised USD 4.1M in Pre-Seed funding.
VC tech specialists such as Shima Capital, Übermorgen Ventures, Not Boring Capital, Mercy Corps Ventures, Byzantine Marine, Big Brain Holdings and Valor Capital have joined with a number of angel investors in supporting the platform.
The company intends to use the funds to expand operations and its business reach.
Founded by Swiss scientist Frederic Fournier and American web3 specialist Michael Kelly, Open Forest Protocol is an open platform allowing forest projects of any size, all over the world, to measure, report and verify their forestation data – thus creating benefits all along the value chain, from local communities on the ground to the voluntary carbon market.
Founded in 2021, OFP is already working with some 40 afforestation/reforestation projects worldwide through its blockchain-based measurement, reporting and verification (MRV) technology.
OFP has its legal seat in Zug, Switzerland, a team of developers in Ukraine, on the ground specialists in East Africa and Central America, engineers and economists in the USA, legal and managing execs in Western and Northern Europe.