Vilnius-based HeavyFinance, a fintech company fighting climate change through farming, announced that it has secured €1M from Mantas Mikuckas, co-founder of Vinted to drive the green transformation of agriculture.
This investment is aimed at deploying debt capital to small and medium-sized farms through HeavyFinance. By providing financial resources to these farms, Mikuckas aims to help them adopt sustainable and environmentally friendly farming practices.
Mikuckas says, “Knowing how much effort and perseverance is needed to minimise carbon emissions in fashion, I admire how companies like HeavyFinance are championing sustainability ideas in other sectors.”
“The urgent need for decarbonisation possesses a huge opportunity for local communities, businesses and investors,” adds Mikuckas.
HeavyFinance is a fintech company dedicated to reducing CO2 emissions through agricultural financing. Operating as a marketplace, it connects investors, ranging from retail to institutional, with European farmers seeking external funding to transition to regenerative agriculture.
The company has already facilitated financing for over 1,300 agricultural ventures in countries such as Bulgaria, Latvia, Lithuania, Poland, and Portugal.
By supporting farmers in adopting sustainable practices, HeavyFinance claims to contribute significantly to mitigating climate change and promoting environmentally friendly agriculture.
HeavyFinance aims to revolutionise the agriculture sector, responsible for nearly 22 per cent of global CO2 emissions, by providing Green Loans for regenerative farming.
These loans enable investors to enter the carbon credit market. Farmers, receiving Green Loans, generate CO2 certificates, offering returns for investors without interest payments.
HeavyFinance plans to produce 250,000 carbon credits by 2024, making it a major European producer, with a long-term goal of eliminating 1 gigaton of CO2 emissions by 2050.
Laimonas Noreika, CEO and co-founder of HeavyFinance says, “We’re thrilled about this investment because both HeavyFinance and Mantas share a similar mantra, focusing on creating a win-win scenario for our customers and the planet.”
“As we aim to meet the Paris Agreement targets and boost the UN SDGs initiative, it’s vital for businesses to support one another and set a global example,” adds Noreika.
Brief about Vinted
Founded in 2008, Vinted operates the largest online consumer-to-consumer (C2C) marketplace in Europe, focusing on second-hand fashion. The company achieved unicorn status in 2019, becoming the first of its kind in Lithuania.
The company’s aim is to promote second-hand items as the primary choice for consumers globally. It allows people to buy and sell second-hand clothes and lifestyle items, giving these products a second or even third life, aligning with their commitment to sustainability.
Vinted has expanded globally, with offices in Germany, Lithuania, the Netherlands, and the Czech Republic, employing over 1,800 people. It boasts a membership of over 80 million registered users across 18 markets in Europe and North America.