Funga

Funga operates at the intersection of ecological science and technology, leveraging the symbiotic relationship between trees and mycorrhizal fungi to enhance forest growth and carbon sequestration. Founded in 2021 by Dr. Colin Averill, an ecologist and climate scientist, the company emerged from his extensive academic research on the forest microbiome at ETH Zürich's Crowther Lab. Dr. Averill's work highlighted that restoring belowground fungal biodiversity could significantly accelerate plant growth, a concept that forms the core of Funga's mission.

The company's business model is centered on nature-based carbon removal. Funga partners with commercial timber landowners, initially focusing on loblolly pine plantations in the Southeastern United States. Its service involves inoculating tree seedlings with native, biodiverse fungal communities specifically selected for that region. This process is designed to boost tree growth and, consequently, the amount of carbon stored. Funga quantifies this additional carbon sequestered and sells the corresponding high-quality carbon removal credits to corporate buyers on the voluntary carbon market. This creates a dual benefit: landowners see increased productivity and a new revenue stream, while corporate partners can advance their climate goals.

Funga’s technology combines modern DNA sequencing and machine learning to analyze forest ecosystems and identify the optimal fungal communities for a given area. The company surveys numerous forests to build vast datasets, which power its analytics platform to match the right fungi to the right location, avoiding a one-size-fits-all approach and ensuring the use of non-GMO, wild fungi. This scientific rigor differentiates it from earlier, less successful attempts at using fungal inoculants in forestry. Since its inception, Funga has secured significant funding, including a $4 million seed round in February 2023 and a subsequent Series A round, bringing total funding to over $9 million. These funds are being used to expand its operations, develop its proprietary software, and scale its restoration projects, with a long-term goal of sequestering at least three billion tons of CO2 by 2050.

Keywords: carbon removal, mycorrhizal fungi, forestry technology, soil microbiome, carbon credits, reforestation, sustainable forestry, climate tech, Colin Averill, nature-based solutions, soil biodiversity, carbon sequestration, regenerative forestry, timber industry, loblolly pine, forest ecology, DNA sequencing, machine learning, Azolla Ventures, conservation technology