Measurement, reporting and verification blockchain pioneer Open Forest Protocol raises USD 4.1 million in pre-seed round

• The game-changing open data platform for nature-based solutions is attracting increasing attention from investors worldwide
• A carbon-neutral blockchain-based technology ensures that all data is truthful and transparent
• The OFP platform coordinates a global, external network of forest expert organizations to collectively verify all data
• The OFP allows all entities, from private landowners to indigenous groups and project developers, to have fair access to global voluntary carbon markets at no upfront cost
• Creating an accessible, permissionless value proposition for natural regeneration can support massive scaling of nature-based carbon sequestration while supporting biodiversity and community resilience across the globe

ZUG, Switzerland and DENVER, 11 January 2023 /PRNewswire/ — Open Forest Protocol (OFP), a pioneering open forest measurement, reporting and verification platform built on a carbon-neutral blockchain, announced today that it has raised USD 4.1 million in a recently concluded pre-seed round, attracting around 17 investor groups, including venture capitalists and angel investors.

VC technology specialists such as Shima Capital, Übermorgen Ventures, Not Boring Capital, Mercy Corps Ventures, Byzantine Marine, Big Brain Holdings and Valor Capital have joined a number of angel investors to support the platform. OFP was founded in 2021 and is already working with some 40 afforestation/afforestation projects worldwide through its revolutionary blockchain-based measurement, reporting and verification (MRV) technology. These projects will be the first in history to use OFP’s 100% blockchain-native MRV platform.

The Open Forest Protocol is an open platform that allows forest projects of all sizes, worldwide, to measure, report and verify their afforestation data – thereby creating benefits along the entire value chain, from local communities on the ground to the voluntary carbon market.

Funds raised are used to continue building and deploying the core infrastructure of the system and to increase the uptake of projects across governments, NGOs and individuals.

Founded by a Swiss scientist Frederic Fournier and American web3 specialist Michael Kelly, OFP brings together an international team of passionate and skilled professionals to combine expertise in environment, climate and blockchain. Before raising a pre-seed, OFP’s initial funding came from a single angel contributor.

Carbon neutral blockchain technology

OFP provides decentralized agency to forestry projects of all sizes to measure, report and verify their afforestation data on the Proof of Stake (PoS), climate-neutral NEAR blockchain by registering their forestry project within OFP’s open access platform. Projects record tree data in the forest using OFP’s mobile app and then send the information to immutable storage in the open, blockchain-based register.

In what has been an expensive, exclusive, opaque and slow system that unfortunately excludes the majority of potential projects and communities, OFP’s innovative approach is a validator network whose sole responsibility is to ensure that only valid, verifiable data passes through. This network coalesces around the ground truth data provided to the platform and stress tests it against the unique properties, datasets and technologies that validators have access to. As a result, each individual data set is ultimately reviewed by dozens of entities such as validation/verification bodies (VVB) and forest expert companies in remote sensing, environmental consulting, etc.

Fred FournierCEO of Open Forest Protocol, said: “The strong support from investors experienced in our pre-seed round is a validation of both our vision and strategy. Only a fair, truthful system supported by immutable, open data will truly value forests on the ground as well as in the voluntary carbon market We must act together to fight for our planet and add value to nature.”

ABOUT OPEN FOREST PROTOCOL

The Open Forest Protocol is an open forest measurement, reporting and verification platform built on a carbon-neutral blockchain. As a matter of public record, the OFP has its legal seat in Zug, Switzerlanda team of developers i Ukraineon the ground specialists in East Africa and Central Americaengineers and economists i USAlegal and executive managers in Western and Northern Europe.
Link to OFP projects
Link to Open Forest Protocol logos

SOURCE Open Forest Protocol