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§ Private Profile · Austin, TX, USA
Biotechnology company harnessing the forest fungal microbiome to accelerate tree growth for landowners and generate verified carbon removal credits.
Based in Austin, Texas, Funga is a forestry and carbon markets company that utilizes the forest fungal microbiome to inoculate seedlings, accelerating tree growth and increasing carbon storage for landowners. The organization collects soil samples from healthy ecosystems to identify beneficial fungi, which are then applied to replanted commercial forests to generate third-party verified carbon removal credits for voluntary markets. Funga is currently enrolling 28,000 acres across 12 states and operates with 20 land partners in the southeastern United States after successfully tripling its planted acreage during the 2024 planting season. The enterprise has secured financial backing from investors including Rhizomatic Capital and Azolla Ventures, while establishing strategic partnerships with North American seedling provider PRT-IFCO and corporate carbon removal credit buyer Netflix. Funga was officially founded in 2022 by chief executive officer Dr. Colin Averill.
Funga has raised $4.0M across 1 funding round.
Funga has raised $4.0M in total across 1 funding round.
Funga has raised $4.0M in total across 1 funding round.
Funga's investors include Matthew Nordan, Better Ventures, Shared Future Fund, Trailhead Capital.
Funga has raised $4.0M across 1 funding round. Most recently, it raised $4.0M Seed in February 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 15, 2023 | $4M Seed | Matthew Nordan | Better Ventures, Shared Future Fund, Trailhead Capital | Announced |