Carbon-crediting platform Puro.earth announced that it has raised €11 million (USD$12.8 million) in a Series B funding round, with proceeds aimed at strengthening its carbon removal supplier certification infrastructure.

Founded in 2018, Puro.earth provides a platform bringing together suppliers of carbon net-negative technologies and companies looking to reduce or counter their carbon footprints. Through Puro.earth’s platform, and based on its carbon credit methodologies, suppliers that remove CO2 from the atmosphere to durable storage of at least 100 years are certified and issued CO2 Removal Certificates (CORCs) into the Puro Registry, which can then be purchased by companies. The company announced earlier this year that it achieved the issuance of more than 1 million CO2 removal certificates, more than any other engineered carbon dioxide removal (CDR) standard and registry to-date.

Nasdaq acquired a majority stake in Puro.earth in 2021 from clean energy company Fortum. Fortum retained a minority stake in the company, and announced that it would partner with Nasdaq on the continued development of Puro.earth. The financing round was led by Nasdaq, and included participation from Fortum’s Innovation & Venturing unit.

Fredrik Ekström, Head of Carbon Markets at Nasdaq and Chairman of the Board at Puro.earth, said:

“With this investment, we aim to accelerate our shared vision of enabling high-integrity carbon markets. Together with Nasdaq’s efforts to advance the technological infrastructure of carbon markets, Puro.earth is delivering the transparency and operational capacity essential to making carbon dioxide removal (CDR) a credible and investable solution in both carbon and financial markets.”

According to Puro.earth, the new capital will be used to strengthen the infrastructure that supports its certification journey for suppliers, with initiatives including enabling more frequent issuance of high-integrity CORCs, facilitating offtake agreements, and advancing open integration of digital monitoring, reporting, and verification (dMRV) tools.

Jan-Willem Bode, President of Puro.earth, said:

“Carbon removal is evolving from innovation to infrastructure. With this latest round of funding, we’re strengthening the systems that facilitate scale in CDR deployment and enhancing our customer offerings to better support the growing demand for durable engineered removals.”