Wovoka, carbon project developer in the PH, secures over $750K in an oversubscribed pre-seed round

‍Wovoka, an emerging climate-tech company in Southeast Asia, proudly announces the successful close of an oversubscribed pre-seed funding round, raising over 43 Million Philippine Pesos (>$750,000). This substantial investment will fuel Wovoka’s ongoing efforts to engage with women-led partner communities through nature-based carbon removal projects in at least three sites in the Philippines. 

This funding round, supported by an enthusiastic group of environmentally-conscious investors, marks a significant milestone in Wovoka's mission to empower communities to grow sustainable forests through high-quality carbon credit projects. 

‍Wovoka Philippines, Wovoka’s local entity in the country is majority-owned by Filipinas and guided by a scientific advisory board from the academia, non-government organizations, and industry sectors. Wovoka also has a completely local and women-dominated scientific team composed of foresters, environmental scientists, and marine scientists that conduct all meetings with partner communities using the same native language.

Wovoka’s team members pose for a picture with the officers of Mt. Cadig Development Association, Inc., (MCDAI),  one of Wovoka’s partner organizations for the carbon removal project. 

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Founded in 2022, Wovoka aims to restore the planet’s forests and conserve its biodiversity for future generations. Our focus on ecosystem restoration aligns with the Intergovernmental Panel on Climate Change (IPCC)’s recognition that it will be one of the top 5 largest emission reduction categories by 2030 and the largest carbon removal opportunity within that category. 

Wovoka is a tech-enabled developer that seeks to de-risk projects at the earliest stage and then work with net zero corporate buyers, project financiers, and nature funds (like $650M+ Climate Asset Management by HSBC or $3B+ GenZero by Temasek) that want the 40-year carbon credit stream from the asset. Wovoka utilizes the latest in drone, remote-sensing, and mobile apps to effectively lower the cost of qualifying landowners’ projects and provide enhanced MRV (Measurement, Reporting, and Verification).

Wovoka also does firsthand biodiversity and carbon stock assessments along with community consultations. These analyses help in identifying the drivers of deforestation and biodiversity loss and allow for planning how the project can scientifically address these issues. Their comprehensive approach to early-stage project de-risking ensures that their projects achieve the outcomes that investors and corporate buyers demand and moral duty requires.

Unlike many startups and project developers in the space, Wovoka is committed to moving away from traditional and often colonialist development approaches. “We take pride in our carbon project work that is done by the people, for the people, and benefits the people in the country of origin, strengthening both community and country ties,” Chief Operating Officer Tin Dalida said. 

“The carbon markets–if done well–present an opportunity to properly compensate the stewards of the climate for future generations,” said Lee Pearson, CEO and Co-Founder of Wovoka. “These are the Indigenous Peoples groups and the People’s Organizations of the Philippines and across the Global South who have the knowledge and capacity to restore vital ecosystem services that we all depend on."

The investment will support the growth of the project development team and pilot innovative approaches in conducting scientific feasibility assessments. The fund will also support agroforestry and ecotourism social enterprise groups led by the local farmer organizations who occupy the land for restoration.

During fieldwork, members of our partner organization join our field carbon team to help in collecting in-situ measurements on the project site. This work provides additional income to the members of the organization.

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Wovoka’s Bicol IFM and ARR project is set to be registered under the joint VCS and CCBS certification before the end of the year.

Wovoka's successful funding round comes at a critical time when the urgency of climate action is recognized globally. By focusing on high-impact, scalable solutions, Wovoka is set to play a pivotal role in achieving net-zero targets through its community-grown canopies.

The company will open its next funding round to allow investment into early-stage project finance in 2025. Reach out to our CEO Lee Pearson to be involved (lee@wovoka.io).