HeavyFinance, a Vilnius-based fintech firm dedicated to combating climate change through agricultural initiatives, has revealed a €1 million investment from Mantas Mikuckas, co-founder of Vinted, with the aim of accelerating the adoption of environmentally friendly practices in agriculture.
Mikuckas intends to utilize this investment to facilitate the deployment of debt capital to small and medium-sized farms via HeavyFinance, thereby assisting them in embracing sustainable and eco-friendly agricultural approaches.
He expressed his admiration for companies like HeavyFinance that champion sustainability initiatives in various sectors, recognizing the immense potential for decarbonization in local communities, businesses, and investments.
What Sets HeavyFinance Apart?
HeavyFinance is a forward-thinking fintech company with a mission to combat climate change by focusing on agricultural financing. Functioning as a dynamic marketplace, it acts as the bridge connecting a wide spectrum of investors, from individual retail investors to institutional entities, with European farmers seeking external funding for their transition towards regenerative agriculture practices.
With a track record of facilitating financing for over 1,300 agricultural initiatives across countries like Bulgaria, Latvia, Lithuania, Poland, and Portugal, HeavyFinance has already left a significant mark on the agricultural landscape.
HeavyFinance’s primary goal is to assist farmers in adopting sustainable and environmentally friendly practices, ultimately contributing to the mitigation of climate change. By supporting these farmers, the company plays a crucial role in the promotion of eco-conscious agriculture.
HeavyFinance is set to transform the agriculture sector, which is responsible for nearly 22 percent of global CO2 emissions, through its innovative Green Loans for regenerative farming. These loans provide investors with access to the carbon credit market, as farmers who receive Green Loans generate CO2 certificates, delivering returns to investors without the burden of interest payments.
HeavyFinance has ambitious plans to produce 250,000 carbon credits by 2024, establishing itself as a major European carbon credit producer. Their long-term objective is to eliminate a staggering 1 gigaton of CO2 emissions by 2050.
Laimonas Noreika, CEO and co-founder of HeavyFinance, expresses enthusiasm about this investment, emphasizing the shared commitment between HeavyFinance and Mantas Mikuckas to create a win-win scenario for their customers and the environment. Noreika emphasizes the importance of businesses supporting one another and setting a global example as they work toward meeting the Paris Agreement targets and advancing the UN SDGs initiative.
Established in 2008, Vinted operates as Europe’s largest online consumer-to-consumer (C2C) marketplace, with a dedicated focus on second-hand fashion. In a significant milestone, the company achieved unicorn status in 2019, marking a pioneering achievement for Lithuania.
Vinted’s core mission centers around advocating for second-hand products as the primary choice for consumers worldwide. The platform facilitates the buying and selling of second-hand clothing and lifestyle items, providing these items with an extended life cycle, a testament to the company’s strong commitment to sustainability.
With a global presence, Vinted maintains offices in key locations such as Germany, Lithuania, the Netherlands, and the Czech Republic, employing a workforce of more than 1,800 individuals. The platform boasts an extensive user base, with over 80 million registered members spanning across 18 markets in Europe and North America.