Funga

Funga

Mycorrhizal fungi boost forest growth

Overview

Funga uses native, biodiverse mycorrhizal fungi to boost growth and carbon storage in forests. It inoculates tree seedlings with region-specific fungal communities and uses DNA sequencing plus machine learning to match fungi to local conditions, using non-GMO wild fungi. The company partners with timber landowners and sells high-quality carbon removal credits in the voluntary market, tying forest productivity to revenue. Its goal is to sequester at least three billion tons of CO2 by 2050 through scalable, data-driven restoration.

Significant Headcount Growth

About Funga

Simplify's Rating
Why Funga is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Social Impact

Biotechnology

Company Size

11-50

Company Stage

Seed

Total Funding

$4M

Headquarters

Austin, Texas

Founded

2021

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Simplify's Take

What believers are saying

  • May 4, 2026 Arbor Day Foundation partnership expands buyer access and credibility.
  • Netflix signed an 11-year carbon-credit deal, creating long-duration revenue visibility.
  • Funga treats about 25,000 acres and claims up to 100% growth lifts in 2025.

What critics are saying

  • Verra still has not approved M0274; no methodology means no scalable credit issuance.
  • Netflix remains the first buyer; losing that anchor shrinks demand and valuation fast.
  • Forest-credit integrity scrutiny can kill Funga’s model if control plots fail field audits.

What makes Funga unique

  • Colin Averill’s ETH Zürich research anchors Funga’s fungal microbiome platform.
  • Funga uses DNA sequencing, machine learning, and native wild fungi, not GMO inputs.
  • M0274 control-plot methodology with Verra, CI, CTrees, and TNC sets measurement rigor.

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Funding

Total Funding

$4M

Above

Industry Average

Funded Over

1 Rounds

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.
Seed Funding Comparison
Above Average

Industry standards

$3.3M
$2M
Netflix
$2.3M
Instacart
$3M
Robinhood
$4M
Funga

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Health Savings Account/Flexible Spending Account

401(k) Retirement Plan

Company Equity

Flexible Work Hours

Remote Work Options

Paid Vacation

Wellness Program

Mental Health Support

Parental Leave

Family Planning Benefits

Fertility Treatment Support

Professional Development Budget

Conference Attendance Budget

Stock Options

Gym Membership

Paid Holidays

Growth & Insights and Company News

Headcount

6 month growth

2%

1 year growth

5%

2 year growth

8%
Funga PBC
May 7th, 2026
Building better baselines: A new Verra methodology for forest carbon projects using co-located control plots.

Building better baselines: A new Verra methodology for forest carbon projects using co-located control plots. Updated: May 8 If you've ever done research on the effectiveness of a medication, supplement, or diet, you're probably familiar with the concept of control groups. When researchers seek to understand how well a given treatment works, they administer it to some trial participants, while other participants who don't receive the treatment are otherwise kept under the same conditions. Similar to these human trials, nature-based interventions can be assessed using control groups to observe outcomes in treated vs. untreated plots of trees, agricultural crops and more. As part of its own approach to ensure integrity of measured project outcomes, Funga establishes control plots everywhere Forestfunga work. This allows Forestfunga to measure the efficacy of its soil restoration technology with a high degree of certainty. In the realm of forest-based carbon projects, using a treatment to create carbon additionality (carbon that would not have been stored if not for the existence of the project) in an existing forest is relatively new. Of the established methodologies for quantifying and monitoring carbon additionality in forests, tracking progress with controls was not an option. Funga had a choice: use these control plots for internal monitoring purposes only and work with an existing methodology, or lead the charge in writing a new methodology with a novel approach to baselining that enables future innovative solutions. Funga, in collaboration with Conservation International, CTrees and The Nature Conservancy, has developed a brand new methodology with Verra that will utilize a series of rigorous control plots for precise measurement of additional carbon removals, encouraging innovation and versatility in the forest carbon space. This methodology (M0274) is currently undergoing its public comment period, and is expected to be approved later in 2026. What is a methodology? A key component of establishing a carbon project is determining which registry a project proponent will issue credits through, and which methodology they will use. A methodology is a standardized set of procedures and guidelines used in carbon crediting projects to quantify, monitor, report on, and verify the reduction or removal of greenhouse gas (GHG) emissions. Since there are many different approaches to creating additional carbon storage or reducing carbon emissions, there is no one-size-fits-all method for measuring this additional carbon and monitoring the project over time. Verra's Verified Carbon Standard (VCS) Program offers dozens of methodologies for documenting carbon additionality that results from interventions ranging from reducing food waste to utilization of biochar to more efficient cook stoves. The best measurement approach for one project might produce inaccurate results for another. This is the situation Funga's team faced when determining that the best existing methodology was VM0045, "Improved Forest Management Using Dynamic Matched Baselines from National Forest Inventories". The need for something new. VM0045 was developed for forest-based carbon projects that create additional carbon storage through a variety of interventions. To track the effectiveness of a given project, a group of forests comparable to the project site is identified through national forest inventories, and used to create the "baseline scenario". Over time, carbon additionality is measured by comparing the project to its baseline scenario. This methodology is considered a massive leap forward by establishing dynamic baselines grounded in observed, real-world data and represents important progress in integrity of additionality measurement. However, this innovative leap in measurement is also currently limited in application to geographies that have robust national forest inventories, and is particularly suited to post-planting interventions, rather than pre-planting treatments. Both of these realities result in a missed opportunity to capture the true carbon storage created by Funga's intervention. At the same time, Conservation International (with project partner CTrees) faced challenges when establishing carbon projects in the tropics with VM0045. While the nature of the project was a good fit for this methodology, without the robust forestry databases Forestfunga has in North America, there was insufficient information to assign an external baseline for measurement. Utilizing control plots for measurement would mean that projects would not have to rely on data documented outside of their project site, allowing Conservation International to have baselines that accurately represent the project area and detect subtle differences in additional carbon storage. The Nature Conservancy was very involved in developing VM0045 and has seen it successfully implemented in many projects. However, they remained interested in expanding the applicability of VM0045 and other tools to provide robust, dynamic accounting for natural climate solutions in landscapes that lack the data VM0045 currently requires. They also recognize that improvements in forest management and new climate-positive interventions emerge every day, and demand flexible methodologies. Wanting to enable more natural climate solutions to access funding through the Voluntary Carbon Market (VCM), they became interested in expanding the methodologies available to forest carbon projects. Getting to work. Starting in June 2023, Funga and Verra began detailed discussions around VM0045 and potential new tools and frontiers in carbon project design. These discussions uncovered the need and high-level applicability of the control plot approach. Verra was interested in supporting an approach that would improve the scientific rigor of Verra's registered carbon projects while allowing new carbon-storing methods to emerge. After connecting with Conservation International, CTrees, and The Nature Conservancy over its shared interest in a control plot baseline methodology, Forestfunga began working out what this methodology would look like. Its initial concept was simple: set up the project like a scientific experiment, with treated plots and untreated control plots. Through the development process, Forestfunga identified new complexities, and strengthened its approach through feedback and layers of accountability. From idea conception to a fully approved methodology later this year, this project will have taken around three years. Paving the way for other Innovations. The methodology Forestfunga is developing will be available for many other projects to utilize, and will hopefully encourage new project types that could not be effectively monitored before. Some possibilities are: * Vine Cutting (also called Liana Removal): The strategic cutting of super-abundant woody vines in disturbed forests to improve tree growth is an emerging method for increasing the carbon sequestration of managed forests. The presence of vines reduces tree growth through competition. Research shows that when vines are removed, tree growth and carbon storage accelerate significantly. Reserving a control plot where vines are not actively managed can clearly demonstrate the difference in the managed plots. * Soil Amendments: Funga improves tree growth by reintroducing microbial communities, but there are many other ways to improve soil and enhance the growth of aboveground vegetation in the process. As new techniques in soil restoration emerge, their efficacy can be tracked with control plots where soil is under "business as usual" conditions. * Mixed Species Planting: Species diversity can create positive outcomes for reforestation, afforestation, and in forests grown for timber harvest. But standard approaches in any of these scenarios often still means monoculture planting. Monocultures are more vulnerable to disease and pests, impacting average tree survival. Projects planted with a diversity of species could compare biomass to a co-located control plot where a monoculture was established. * Future Innovations: Perhaps most exciting is all the forest improvements that are yet to be developed. The versatility of this control-vs-treatment design will be applicable to a wide range of practices, and Forestfunga hope that the existence of this methodology will incentivize investment in new solutions. What's next. The methodology is on track to be finalized in late 2026. It is currently undergoing a 30-day public comment period hosted by Verra, after which comments and suggestions will be considered for further revisions. Finally, it will undergo an expert review by an accredited VVB and then final registry approval before it is available for use. Forestfunga is so grateful to collaborate with fellow carbon project developers who embrace opportunities for partnership and mutual uplift. By coming together to design this new methodology, Funga, Conservation International, The Nature Conservancy, CTrees, and Verra are creating new opportunities not just for its own organizations, but for new, high-integrity natural climate solutions to emerge and flourish.

CSR Company
May 5th, 2026
Arbor Day Foundation and Funga deepen partnership to scale high-integrity carbon removals.

Arbor Day Foundation and Funga deepen partnership to scale high-integrity carbon removals. LINCOLN, Neb., May 4, 2026 /3BL/ - The Arbor Day Foundation and Funga are expanding their strategic collaboration to broaden market access for Funga's biodiversity-powered forest carbon project. This go-to-market partnership builds on the catalytic capital investment made by the Arbor Day Impact Fund in 2025, now evolving into a joint effort with the Foundation, with a shared goal of expanding market access for Funga's soil restoration work across U.S. forests. The partnership brings together Funga's science-driven carbon removals and the Foundation's corporate partner and buyer network to solve a persistent challenge in the voluntary carbon market: connecting high-integrity carbon removals with companies building credible climate strategies at scale. "This partnership with Funga aims to demonstrate how reforestation projects can function as durable climate infrastructure - delivering trees planted, land restored, and economic benefits today, while building the financial foundations needed to sustain impact for decades to come," said Pete Davis, Managing Director of the Arbor Day Impact Fund. This partnership expands the Foundation's portfolio with a scientifically rigorous, nature-based removal that meets what their partners are increasingly looking for. For Funga, it creates a meaningful path to scale, expanding native soil restoration across more forests, alongside partners who share that ambition. "We are proud to expand our collaboration with the Arbor Day Foundation. Their endorsement of Funga's innovative tech and carbon program traction is a powerful signal to the market, helping us leverage the Foundation's longstanding relationships to connect our projects with buyers looking to lead on climate and biodiversity," Colin Averill, Founder and CEO of Funga. Together, the Arbor Day Foundation and Funga are demonstrating how technical innovation and established market credibility can work in tandem to drive ecosystem restoration and climate impact at scale. About the Arbor Day Foundation The Arbor Day Foundation is a global nonprofit inspiring people to plant, nurture, and celebrate trees. They foster a growing community of more than 1 million leaders, innovators, planters, and supporters united by their bold belief that a more hopeful future can be shaped through the power of trees. For more than 50 years, they've answered critical need with action, planting more than half a billion trees alongside their partners. And this is only the beginning. The Arbor Day Foundation is a 501(c)(3) nonprofit pursuing a future where all life flourishes through the power of trees. Learn more at arborday.org. About Funga Funga is restoring soil biodiversity to address the climate crisis. By reintroducing native, growth-promoting fungal communities to soils, they are working to accelerate one of the biggest carbon-storing mechanisms on the planet: forests. Trees inoculated with a healthy soil microbiome are reunited with critical symbiotic partners, allowing them to grow faster and stronger - sequestering significantly more carbon in the process. Funga is a Public Benefit Corporation (PBC) that is dedicated to delivering measurable environmental outcomes and durable economic value through the power of the microbiome. To learn more, go to funga.earth.

Technical.ly
Oct 2nd, 2024
A Glimpse Into Philly’S Thriving Greentech Scene, A Bright Spot On A National Tour

Philadelphia’s climate tech scene is gaining momentum, said the sector’s most active local players, who gathered in September to connect and cheer a new wave of innovators and investors committed to tackling the planet’s biggest challenge.“There’s significant interest in sustainable investing,” said scientist Ellie Fromboluti at the Philly stop on the national Climate Tech Cocktails tour.Fromboluti is head of behavioral science and insights at GreenPortfolio, a company that connects clients with financial advisors who incorporate climate alignment into their investment strategies. “Growing awareness of climate change,” she said, “has led to improved understanding of the problem.”Hosted by local startup Carbon Reform at their headquarters on North Broad, the event highlighted the importance of aligning technological breakthroughs with funding to accelerate progress in climate tech.Regulation and government incentives also play a role in this emerging industry. The Inflation Reduction Act, passed in 2022 to help transition the United States to a clean energy economy, created economic incentives for businesses to become clean via tax credits, and opened the doors for more direct funding of clean energy solutions. In this atmosphere, startups ready to take advantage have been successfully raising — and the event, dubbed “Phounders, Phunders and Phans,” showcased several of them working in the Philadelphia region. Attendees included: Erica Nemser of Ardent, which builds modules that use membrane chemistry to decarbonize industrial operations. Ryan Goethals of Metal Light, which creates metal-air batteries to generate clean, portable power.Ian Lowe of Arduro, which uses a patented recycling process to turn end-of-life tires and industrial waste rubber into organic raw materials.Matt Zothner, CEO of Currents, a platform that helps consumers to make informed clean energy decisions and sell solar credits.Michelle Torelli of CarbonForge Technologies, a mobile unit provider to convert agricultural waste into biochar to rejuvenate soil.Julia Wan of Baleena, which develops devices to filter microplastic fibers from laundry and prevent pollution into water sources.Carbon Reform’s Carbon Capsule unit (Seth Blumer for Technical.ly)Event host Carbon Reform, which recently won the Philly Regional Startup World Cup, is one of the most prominent in the area. Cofounder Nick Martin gave guests a glimpse at the firm’s carbon capture devices, which aim to reduce CO2 levels in commercial buildings. One such product, the Carbon Capsule, can be fitted to any commercial HVAC system to remove CO2 from the air and feed the purified air back in. This reduces the amount of outside air an HVAC system needs to draw, which results in less energy use and significant savings on energy cost.As the evening came to a close, there was a sense of optimism in the room. “I’ve been fighting [for] climate action for twenty years,” said Ann Raiho, head of data science at Funga, which works to restore fungal biodiversity in forests to increase carbon capture. “We’ve come a really long way,” Raiho said

ForexTV
Feb 15th, 2023
Funga secures funding to lead first carbon removal project powered by fungal microbiome restoration

Funga is translating pioneering research into scalable climate action by rewilding the forest microbiome to accelerate tree growth and carbon sequestration Austin, Feb. 15, 2023 (GLOBE NEWSWIRE) — Funga, the first company to establish commercial nature-based carbon removal projects powered by belowground fungal biodiversity restoration, today announced the close of a $4M USD seed funding […]

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