Carvanta raises S$120M Series B to expand audited offset trading in Southeast Asia
A group of regional institutions led the round, which puts the platform at a S$640M valuation and pays for entry into six more ASEAN markets by 2027.
Carvanta has closed a S$120 million Series B, lifting total capital raised since inception to S$186 million. Demand ran 2.4 times over the target and the post-money valuation now stands at S$640 million.
The money will pay for launches in six additional ASEAN markets — Malaysia, Indonesia, Vietnam, the Philippines, Thailand and Brunei — as well as doubling the team that verifies projects and building a settlement ledger able to clear more than 40,000 tonnes of CO₂-equivalent a day.
"Every credit on this platform is measured to the tonne and funded in the open," the company's managing director said. "This capital lets us apply that same discipline to the fastest-growing carbon market on earth."
Since launch, Carvanta has retired 3.2 million tonnes of CO₂-equivalent across 214 audited projects and sent more than S$78 million directly to developers in solar, wind, reforestation, ocean and bioenergy.
The round was led by regional institutional investors, with participation from existing backers. The company said no changes to the board were planned.