Mombak's first fund raised $120 million from investors including an AXA fund, CPP Investments and Bain Capital, financing restoration projects on 15 Amazon farms where the company planted nearly 15 million native trees.
The company also announced a multiyear carbon removal offtake agreement with Salesforce, adding the software firm to a buyer roster that already includes Google, Microsoft and McLaren Racing.
The deal follows Mombak's first issuance of reforestation carbon removal credits earlier this year. It expects a second, larger issuance of roughly 80,000 metric tons by the end of 2026.
While Big Tech helped establish the market for high-quality carbon removals, both Mombak and BNDES expect demand to broaden into new industries.
"Over time, you can expect announcements involving companies that are not Big Techs," Silva said, adding that productivity gains and improved reforestation techniques are lowering costs and making credits accessible to a wider range of buyers.
BNDES socio-environmental director Tereza Campello said technology firms are reassessing climate targets as the costs associated with energy-intensive data centers become clearer, while interest from sectors such as oil, mining and steelmaking has accelerated.
"We have been approached by sectors that previously did not have as much appetite for carbon credits," she said.
Carbon credits allow companies to compensate for greenhouse gas emissions by financing activities that reduce or remove emissions elsewhere.
($1 = 5.1445 reais)
Big Tech remains a major buyer in the carbon removal market
Investors are watching demand trends in the nascent carbon removal market, where companies such as Google, Microsoft and Meta have emerged as major buyers as they seek to address emissions linked to the rapid expansion of AI infrastructure.
"We are only raising this second fund because we proved over the last five years that there is a business, there is an industry and there is a market for this product," Mombak CEO Gabriel Silva told Reuters.
Mombak secures second fund close and new Salesforce agreement
Brazilian carbon removal startup Mombak said on Monday it secured the first close of its second reforestation fund and signed a new carbon credit purchase agreement with Salesforce, while betting demand will expand beyond the technology companies that helped build the market.
The company said its Amazon Reforestation Fund II aims to raise $150 million to finance restoration projects in the Brazilian Amazon and will have access to a 200-million-real ($38.88 million) credit line from Brazil's Climate Fund, operated by state development bank BNDES.
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