This archive report was first published on 17 July 2020.
Published on July 17, 2020, Kenya's sustainable forestry start-up, Komaza, has secured $28 million in Series B equity financing. The investment round was led by Novastar Ventures in collaboration with Novastar LPs AXA Investment Managers (through the AXA Impact Fund: Climate & Biodiversity), and the Dutch development bank FMO, with further participation by Mirova's Land Degradation Neutrality Fund.
The funding will enable Komaza to expand its operations from its first site on Kenya's coast to two additional sites across East Africa, benefiting more than 2 million farmers in Sub Saharan Africa. The startup aims to plant one billion trees by 2030.
Komaza has collaborated with 25,000 small-scale farmers to date, having planted over 6 million trees. The firm's micro-forestry model utilizes distributed partnerships with local farmers, unlocking more land for forestry services. Komaza utilizes AI and satellite data to map existing tree growth and real-time mobile apps on the ground to track farmer progress, eliminating management complexities occasioned by distributed operations.
The firm intends to tackle climate change through a conservation approach that safeguards livelihoods, promotes economic growth, and promotes the role of forestry as a natural solution to mitigate climate change.
