Mombak Raises Second Reforestation Fund, Adds Salesforce as Carbon Buyer

Brazilian carbon removal startup Mombak has secured the first close of its second reforestation fund, targeting $150 million to finance restoration projects in the Brazilian Amazon, while signing a new multiyear carbon removal offtake agreement with Salesforce. The company will also have access to a 200-million-real ($38.88 million) credit line from Brazil's Climate Fund, operated by state development bank BNDES.

 

Mombak's first fund raised $120 million from investors including an AXA fund, CPP Investments and Bain Capital, financing restoration projects across 15 Amazon farms and planting nearly 15 million native trees. CEO Gabriel Silva said "we are only raising this second fund because we proved over the last five years that there is a business, there is an industry and there is a market for this product." The deal follows Mombak's first issuance of reforestation carbon removal credits earlier this year, with a second, larger issuance of roughly 80,000 metric tons expected by the end of 2026. Salesforce joins a buyer roster that already includes Google, Microsoft and McLaren Racing.

 

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While Big Tech has driven much of the market to date, both Mombak and BNDES expect demand to broaden into new industries. BNDES socio-environmental director Tereza Campello said technology firms are reassessing climate targets as data centre energy costs become clearer, while interest from sectors including oil, mining and steelmaking "has accelerated," adding "we have been approached by sectors that previously did not have as much appetite for carbon credits." Silva attributed this potential broadening partly to productivity gains and improved reforestation techniques lowering costs and making credits accessible to a wider range of buyers.