Mombak’s $30M Series A: From Scale-Up to Amazon Growth

Mombak Series A Deal Overview

Mombak Series A marks one of the most significant climate finance transactions in Brazil this year, with the reforestation startup securing US$30 million to expand large-scale Amazon restoration projects. First disclosed in April 2025 and revisited in September with new milestones, the Mombak funding round demonstrates how venture capital, carbon markets, and institutional finance are converging to back climate solutions in Latin America.

With this transaction, Mombak has raised close to US$200 million since its founding in 2021, combining equity capital with long-term carbon credit agreements.

From April to September: Renewed Scale-Up

The April announcement focused on the financing itself. In September, the narrative expanded as the company revealed progress on multiple fronts. Mombak has already planted millions of native trees on degraded Amazon land and expects to surpass eight million by mid-2025. Alongside this operational scale, the company has secured carbon removal offtakes worth hundreds of millions of dollars, confirming its place as a credible player in global climate markets.

The round is also now connected to public institutions. BNDES and Santander Brasil approved a climate-fund package of roughly R$100 million, the first time Brazil’s Novo Fundo Clima has been directed toward a private reforestation initiative. This blending of private equity with sovereign-backed finance reframes the Mombak reforestation investment as part of Brazil’s broader climate-finance strategy.

The Firms Behind the Deal

Gunderson Dettmer acted for Mombak in the Series A. The team was led by Brian Hutchings, a Palo Alto partner, who co-heads the firm’s Latin America practice, and associate Rafael Bellaver. Their mandate covered the structuring of the equity financing with a diverse syndicate of global and regional venture investors.

Pinheiro Neto Advogados advised Mombak in 2024 during its participation in the World Bank’s US$225 million bond issuance linked to Amazon reforestation credits. The engagement reinforced the firm’s position as one of the leading Brazilian practices bridging domestic climate projects with international capital-market instruments.

Trench Rossi Watanabe represented AXA IM Alts in 2023 when the French asset manager acquired a minority stake in Mombak. The deal team included partner Maurício Pacheco, supported by Evaristo Lucena, Renata Amaral, Fernando Bammann, and Manuela Demarche, reflecting the firm’s depth across corporate, environmental, and financial regulatory practices.

No financial advisors were disclosed for the Series A round. Santander’s role was separate, supporting Mombak together with BNDES through the Novo Fundo Clima rather than advising on the equity financing itself.

Why the Mombak Series A Matters

The Mombak Series A underscores how climate ventures in Brazil are entering a new stage. Rather than isolated pilots, these projects are now backed by global investors, structured around enforceable carbon contracts, and supported by development finance.

For venture capital, the Mombak venture capital deal shows that leading firms such as USV and Kaszek are ready to treat carbon removal as an investable asset class. For corporates, the scale of carbon offtake contracts suggests that voluntary pledges are evolving into bankable commitments. For public institutions, the BNDES and Santander partnership demonstrates how climate funds can be deployed alongside equity investment, providing a template for other green sectors.

For counsel, the Mombak climate startup funding highlights how these transactions require multi-jurisdictional expertise. Gunderson Dettmer’s cross-border role, Pinheiro Neto’s participation in World Bank structures, and Trench Rossi’s support of institutional investors all show how legal frameworks are being built to support reforestation at scale.

Seen in full, the Mombak Amazon financing is more than a growth round: it is a signal that Brazil’s climate economy can absorb global venture capital while anchoring its projects in international carbon markets and national policy frameworks.

Related Reading

• Santander, BNDES back Mombak reforestation via Brazil’s Climate Fund
• World Bank issues $225M carbon bonds tied to Amazon projects
• Trench Rossi advises AXA on minority stake in Mombak
• Carbonext Receives $40 Million from Shell for Carbon Credit Projects in Brazil’s Amazon (read here)

Resumo em português

A Mombak levantou US$30 milhões em Série A, liderada pela Union Square Ventures com participação de Kaszek, Bain Capital, AXA IM Alts, Lowercarbon Capital e Copa Investimentos. O aporte, divulgado em abril, ganhou força em setembro com novas metas — milhões de árvores já plantadas, previsão de chegar a 8 milhões até junho de 2025, contratos de US$150 milhões em créditos de carbono e apoio institucional de R$100 milhões do BNDES e Santandervia Fundo Clima Novo. Os escritórios envolvidos incluem Gunderson Dettmer, Pinheiro Neto Advogados e Trench Rossi Watanabe.