Nori

Nori is a blockchain-based carbon removal marketplace for businesses. Nori’s marketplace allows businesses to purchase carbon removals directly from US farmers. Farmers are required to register with Nori through paying a one-time fee of USD 3,000-USD 5,000. After being registered, when a farmer engages in a carbon removal action, it is verified, and data is uploaded to the blockchain creating Nori Carbon Removal tons (NRT). An NRT is equivalent to one ton of carbon dioxide removed from the atmosphere. Businesses can then purchase NRTs on Nori’s marketplace to offset their carbon footprint. As of March 2024, the cost of an NRT is USD 25. Nori keeps a commission of 25% from each transaction.

Nori also issues a cryptocurrency, NORI, which is equal to the value of an NRT. This is expected to provide better liquidity and value for NRTs, as NORI tokens can be actively traded in cryptocurrency exchanges. In December 2023 , the company introduced the Nori Net Zero Tonne which is a hybrid carbon removal credit combining the Nori Regenerative Tonne for soil sequestration, and Frontier Offtake Tonne for long-term CO2 removal methods.

Key customers and partnerships 

As of February 2023, a total of 123,000 NRTs have been sold through Nori’s marketplace. Nori lists Shopify as one of its top customers. Nori has also partnered with Rarible , a community-owned non-fungible token (NFT) marketplace, and Orange Comet , a content studio and NFT producer, allowing users to pair their NFTs with NRTs. In August 2022, the company collaborated with FarmLogs , an agricultural management software for farmers, allowing farmers to easily enroll in Nori's blockchain-enabled carbon removal marketplace. In September 2022, Nori partnered with Menthol Protocol , a multi-chain decentralized platform to support blockchain and DeFi communities with carbon removal. In October 2022, Nori collaborated with Bayer’s ForGround platform , an agricultural company, to verify carbon removal offsets. 

Funding and financials

Nori’s most recent funding was in June 2023, when it raised USD 6.25 million in a venture round led by its existing investors M13, Toyota Ventures, Placeholder, and Cargill. Previously, in February 2022, the company raised USD 7 million in a Series A funding round led by M13. The company expects to use the proceeds to shift its blockchain operations from Ethereum to Polygon. Nori is a Techstars Sustainability Accelerator graduate.