Rhizocore Technologies has secured new funding of £3.5m.
Founded in 2021 by chief executive Toby Parkes and chief mycologist David Satori, the company has developed a first-of-its-kind fungal pellet, which acts as a underground nutrient exchange between trees and fungi known as the ‘wood-wide web’.
This unique approach to restoring underground fungal networks offers a new and sustainable solution to accelerating woodland regeneration, improving forest productivity and increasing the potential for carbon capture.
The Edinburgh-based company has plans to scale its operations over the next two and half years, with the aim of planting up to five million trees with accompanying fungal pellets in 2025 alone.
The seed funding round, led by ReGen Ventures, Collaborative Fund and Grok Ventures, should allow Rhizocore to build upon its 10-person team and develop the infrastructure needed to rapidly scale solutions.
Parkes commented: “To receive such global backing really is a validation of our product’s potential to restore ecosystems around the world – but it’s also a recognition of the transformative power that fungi hold, as the crucial foundation of the planet’s ecosystems.
“This is a radical approach to tackle climate change that we’re developing at Rhizocore, and with the support from our investors, we will be able to sequester gigatons of carbon to protect the future of the Earth for generations to come.”
Guy Vidra, partner at New York-based venture capital firm Collaborative Fund, said: “Toby and David have pioneered a breakthrough approach that can accelerate reforestation while moving the needle for traditional forestry companies – both critical means to addressing a vast and unresolved issue in climate change.”
Grok Ventures principal Sam Tidswell added: “We love what Rhizocore does – harnessing the power of fungi to help their customers maintain natural capital ecosystems better, improving their bottom line and drawing down more carbon.”
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