October 11, 2024
Swedish Startup Airforestry Secures €10.3M in Seed Round to Advance Aerial Forest Thinning Technology
Uppsala, Sweden, October 10, 2024 –
AirForestry, a deep-tech startup has successfully raised €10.3 million in seed funding led by Northzone. This new investment, supported by SEB Greentech Venture Capital, Sveaskog, Kiko Ventures, CapitalT, Walerud Ventures, and Cloudbreak Ventures, is set to scale up their innovative aerial tree harvesting solution using electric drones. The technology aims to significantly reduce the environmental footprint of traditional forestry methods and make forest management more sustainable.
About the company
Aerial Drones: Reducing Environmental Footprint
Founded in 2019, AirForestry offers a novel approach to sustainable forest thinning by deploying electric drones that perform aerial thinning. This eliminates the need for heavy, ground-based logging machinery, which often leads to soil damage and disrupts local ecosystems. The use of drones ensures healthier forests by preserving biodiversity and enhancing carbon sequestration. AirForestry’s solution can reduce CO₂ emissions by replacing traditional diesel-reliant methods. Current forestry practices consume over 3.5 billion liters of diesel annually, whereas AirForestry’s technology aims to cut global CO₂ emissions by up to 10 megatons each year, potentially saving 0.8 tonnes of CO₂ per hectare.
Purpose of financing
The fresh capital injection will enable AirForestry to speed up technological development and bring their eco-friendly solution to foresters worldwide. This funding will support scaling efforts, allowing the startup to target larger markets and expand its influence across the global forestry industry.
What the company’s official has to add
Olle Gelin, CEO and Founder of AirForestry, expressed enthusiasm about the impact of the investment:
“Our goal is to make forestry more sustainable and cost-effective by unlocking the full value of forests. With this investment, we are in a strong position to offer foresters a solution that increases productivity, biodiversity, and carbon sequestration, all while reducing carbon emissions.”
Caroline Walerud, Founder and Executive Chair of AirForestry, highlighted the strategic importance of the new investors:
“We’re excited to welcome such a fantastic group of investors, including Northzone’s General Partner Pär-Jörgen Pärson and Kiko VC’s Ben Murphy, to our Board of Directors. This funding will allow us to scale up our operations and tackle even larger portions of the global forestry market, with significant environmental benefits.”
What the investors have to comment
“AirForestry is revolutionizing forest management with its drone technology, offering a solution that is both environmentally impactful and technologically advanced. We believe in the team's ability to drive significant change in this industry.”
— Pär-Jörgen Pärson, Partner at Northzone
Conclusion - A Step Toward a Greener Future
With this new round of funding, AirForestry is well-positioned to continue advancing its mission to create a more sustainable future for forestry. The company’s innovative approach is expected to transform how forests are managed, benefiting both the environment and the forestry industry.
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