Earthbanc, which offers software for carbon removal projects, has had a breakout year for revenue, Impact Loop can reveal.<br><br>The company also appears to have acquired several subsidiaries around the world.
The founders of Stockholm-based company Earthbanc are not the most forthcoming with comment on the company they founded in 2019.
Nonetheless, their latest annual report – which Impact Loop has read – shows the company, which uses its tech platform to support projects in regenerative agriculture, agroforestry and carbon sequestration all around the world, saw very healthy revenue growth in 2024.
The company reported turnover of around €17.7m in 2024, a five-fold increase from €3.6m in 2023. The company also posted a profit of over €6m for 2024.
Within that, the company’s documents show around €10m of that turnover was from project and environmental services, with a further €7m from its Measurement, Reporting, and Verification (MRV) services.
According to the company’s filings, Earthbanc extended a multi-year deal with pharmaceutical giant AstraZeneca for projects in Kenya, which appears to have been a significant source of the company’s 2024 revenue.
It also acquired Australian cloud-based horticulture management startup Tie Up Farming and increased its stakes to full ownership in the Kenyan and Indian branches of a sustainable agroforestry company Earthtree.
It wasn't all smooth sailing, however. The company's filings show it has recently been sued by a subcontractor in Kenya for breach of contract. Earthbanc says the claims lack legal basis and the case is ongoing.
Earthbanc: a rising climate-tech star
Founded by Rushabh Khanna and Tom Duncan, Earthbanc has caught attention for its fast growth in recent years. The firm raised €1.3m in a 2022 pre-seed round, backed by European funds Visive Capital, Katalista Ventures and Sting Accelerator, as well as backers from elsewhere around the world. It has also been backed by the European Space Agency’s incubator.
Earthbanc uses machine learning, blockchain and a satellite system to monitor and verify carbon removals and sequestration in order to strengthen the carbon credit market and incentivise more voluntary participation. The company’s MRV app is aimed particularly at reforestation and agroforestry.
Impact Loop reached out to Earthbanc's founders but did not hear back.
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