Estonia-based eAgronom, an FMS (Farm Management Software) has closed a Series A $7.4mn investment round led by Yolo Investments and ZGI Capital, Tech Crunch reported on January 9.

The startup says it aims to create a farming-based carbon credits platform, with markets inside and also outside of the European Union (EU), and improve its carbon tracking technologies.

The company aims to create the first Web3-based DAO (Decentralised Autonomous Organisation) called Solid World to help farmers and other rural business with carbon dioxide sequestration.

The company has some 1.500 agribusinesses on its books so far, and is looking to grow its business beyond its existing capacity with the added funding.

In a statement, Robin Saluoks, co-founder and CEO of eAgronom, said: “Through our experience helping farmers with technology, we are uniquely positioned to capture the global agri-carbon opportunity…

He added, “To fight climate change, we have to provide transparent tracking and access to capital to all nature-based companies…. We aim to become the leading developer of high-quality carbon credits.”

So far, there are three other players in the Co2 sequestration market, or “carbon farming” and these players include Agoro, IndigoAg, Soil Capital, Trinity, Ageena and CommodiCarbon already operational.

Stenver Jerkku, said in Zoom call that blockchain is the answer to the current carbon market funding issues at the moment. He added it is a DAO that will last for decades and will be sustainable.

Speaking with FERN, John Vibes said “The token launch is scheduled for Q2 or Q3 right now. Our priority is to have the best possible product and a very active community before launching the token.”