SHARM EL-SHEIKH, Egypt–(BUSINESS WIRE)–Climate technology and start-up of web3 Thallo announced today that it has closed an oversubscribed $2.5 million seed round, which will allow the company to accelerate ongoing development and commercialization of its flagship Thallo carbon exchange. Thallo’s first-of-its-kind marketplace uses web3 technology to solve major pain points affecting the modern voluntary carbon market, which are increasing in importance as companies work to meet their sustainability goals.
Investors include enterprise blockchain and crypto companies Ripple and leading investors Arcan LLC and Friendly Trade Group 2plus Allegory, Cerulean Ventures and Flori Ventures. Thallo also announced that it has received a grant from the Layer 1 blockchain celo, via Climate collectiveand has also entered into a technical collaboration with Ripple.
“The only realistic way to make real progress on the climate crisis is to increase participation,” said Ryan Gledhill, Thallo co-founder and CEO. “It means that each person who wants to invest in the future of our species, each investor who wants to capitalize on ESG, and each company that wants to be a force for good benefiting from effortless, direct access to the voluntary carbon market. That is exactly what Thallo provides, and our investors and partners are completely in line with our common goal.”
Created by climate technology experts and blockchain entrepreneurs, Thallo fills a major gap in today’s voluntary carbon market by sitting at the link between legacy players in the carbon market and web3 innovation. The company uses blockchain technology to build a better volunteer marketplace that is more efficient, democratic and ensures that funding goes to projects – not intermediaries.
Thallo’s flagship carbon exchange will allow companies and individuals to filter, find and buy high-quality, verified carbon credits directly from project developers, using blockchain technology to make the process efficient, traceable and transparent. Key differentiators include the company’s non-commoditized approach to carbon credits, and Thallo’s focus on working directly with project developers to secure real value for them.
The company has already made great strides: Thallo recently announced that it will launch the world’s first two-way carbon bridge in partnership with the award-winning Colombia-based BioCarbon Registry, the first time a carbon registry has included the tokenization of carbon credits as part of its process. Through the two-way bridge, companies and individuals can move credits on and off the blockchain, enabling the easy purchase, sale and withdrawal of credits with full transparency and traceability.
The founding team represents a balanced mix of web3 and climate technology capabilities, including sustainability expertise Joe Hargreaves and veteran blockchain developers and serial entrepreneurs Ryan Gledhill and Adam Dry. They are supplemented with Hayley Moller, a climate communications expert with an INSEAD MBA and an environmental science background who leads marketing for the business. The company has ten full-time employees.
Thallo has already built a strong network of partners and collaborators, including project developers Biofix, InPlanet, TrendCO2e, UNDO, and Ventree Innovations; major web3 players Ripple, Celo, Polygon, and Chain link; and dozens of other partners.
Thallo is one of the few blockchain expert participants invited to participate Gold standardits Digital Assets Working Group and American Carbon Registryits private consultation process, and has participated in Worseits public consultation process.
Thallo is a member of Carbon Business Council; Climate Collective; European Carbon Offset Tokenization Association (ECOTA); Natural Climate Solutions Alliancesummoned by WBCSD and World Economic Forum; and is a signatory of Crypto climate agreement.
The company has also recently released Fast Forward: Challenges to Scaling the Voluntary Carbon Market, a first-class insightful report that explores key project supply bottlenecks in today’s voluntary carbon market and how they can be remedied.
The voluntary carbon markets are one of the fastest growing markets globally, reaching a value of nearly $2 billion for the first time in 2021 and expected to be valued at as much as $150 billion over the next 8 years.
About Thallo
Thallo uses first-of-its-kind blockchain technology to revolutionize and democratize carbon markets, making it easier for buyers and sellers of high-quality carbon credits to find each other. The team of experienced blockchain entrepreneurs and climate technology professionals combines technological expertise with deep sustainability knowledge to build the carbon marketplace of the future. Thallo’s first institutional capital raising was underwritten and led by investors Friendly Trading Group 2, LLC and Arcan LLC. Follow Thallo further Twitter and LinkedIn or join our Telegram group for updates. For more information, visit www.thallo.io.
