Open Forest Protocol raises USD 4.1m in pre-seed round

Founded in 2021 by Swiss scientist Frederic Fournier and American web3 specialist Michael Kelly, Open Forest Protocol (OFP) is an open platform allowing forest projects of any size, all over the world, to measure, report and verify their forestation data on the Proof of Stake (PoS), climate neutral NEAR blockchain by registering their forest project within OFP's open-access platform. Projects record tree data within the forest using OFP's mobile app and then send the information to be immutably stored in the open, blockchain-based registry.

The solution allows all entities, from private landholders to indigenous groups and project developers, to create transparent, immutable, proof-of-impact data comprehensively verified by a network of independent experts and have equitable access to global voluntary carbon markets at no up-front cost.

The Zug-based startup is already working with 40 afforestation/reforestation projects worldwide through its revolutionary blockchain-based measurement, reporting and verification (MRV) technology. These projects will be the first to utilize OFP's 100% blockchain-native MRV platform.

Global tech venture capitalists, including Shima Capital, Übermorgen Ventures, Not Boring Capital, Mercy Corps Ventures, Byzantine Marine, Big Brain Holdings and Valor Capital, have joined with several angel investors in supporting the platform. Prior to raising a pre-seed, OFP's original funding came from a single angel contributor. The raised USD 4.1 million pre-seed proceeds will be used to continue to build and ship the core infrastructure of the system and to ramp up the onboarding of projects across governments, NGOs and individuals. 

Fred Fournier, Open Forest Protocol CEO, said: "The strong support of investors experienced in our pre-seed round is a validation of our vision and strategy. Only an equitable, truthful system backed by immutable, open data will truly value forests on the ground and in the voluntary carbon market. We must act together to fight for our planet and give value to nature."

OFP has an international and skilled team of more than 36 professionals from Switzerland, Ukraine, East Africa and Central America and USA that combine expertise in environment, climate and blockchain. Founder and CEO Frederic Fournier is based in Switzerland. 

(Press release/RAN)