Rhizocore Technologies receives £3.5 million backing to revolutionise the future of reforestation

Published: 21 June 2023

Rhizocore Technologies, a start-up company based at Roslin Innovation Centre, is poised to transform the future of reforestation after attracting new funding of £3.5 million.

Toby Parkes Founder And Ceo David Satori Co Founder And Chief Mycologist Rhizocore Technologies Ltd 2

Founded in 2021 by CEO Toby Parkes and Chief Mycologist David Satori, Rhizocore Technologies has developed a first-of-its-kind fungal pellet, which acts as a vital underground nutrient exchange between trees and fungi known as the 'Wood-Wide Web'.

Their unique approach to restoring underground fungal networks offers a new and sustainable solution to accelerating woodland regeneration, improving forest productivity and increasing the potential for carbon capture.

The company has ambitious plans to scale its operations over the next two and half years, with the aim of planting up to 5 million trees with accompanying fungal pellets in 2025 alone. Their recent seed-round funding which was led by ReGen Ventures, Collaborative Fund and Grok Ventures, will allow Rhizocore to build upon their 10 person team and develop the infrastructure needed to rapidly scale their solutions.

Rhizocore joins ReGen Ventures’ investment portfolio of global regenerative technology companies that are supporting planetary scale regeneration.

“We’re delighted to partner with Toby and David. What Rhizocore has built is incredibly powerful.

We’re excited to support David, Toby and the team to build their networks of fungal diversity that can be deployed across the world”.

Dan Fitzgerald, Founder and Managing Partner, ReGen Ventures

Collaborative Fund, a New York-based VC is the leading source of capital for businesses pushing the world forward.

“Rhizocore’s mycorrhizal solutions are really exciting. Toby and David have pioneered a breakthrough approach that can accelerate reforestation while moving the needle for traditional forestry companies — both critical means to addressing a vast and unresolved issue in climate change.”

Guy Vidra, Partner, Collaborative Fund 

Launching at scale is now imperative to creating the necessary impact, and the £3.5 million backing behind Rhizocore is an investment in the fungal kingdom that has the potential to increase the restoration of biodiversity in ecosystems around the world.

It’s a backing that Grok Ventures believes will be critical to scaling global nature-based carbon sequestration.

“Toby and David are the type of mission driven founders we want to partner with at Grok and we are excited to join as investors in the most recent round. We love what Rhizocore do - harnessing the power of fungi to help their customers maintain natural capital ecosystems better, improving their bottom line and drawing down more carbon.”

Sam Tidswell, Principal, Grok Ventures

“To receive such global backing really is a validation of our product’s potential to restore ecosystems around the world - but it’s also a recognition of the transformative power that fungi hold, as the crucial foundation of the planet’s ecosystems. This is a radical approach to tackle climate change that we’re developing at Rhizocore, and with the support from our investors, we will be able to sequester gigatons of carbon to protect the future of the Earth for generations to come.”

Toby Parkes, CEO of Rhizocore Technologies

Rhizocore Technologies develops technologies to grow symbiotic fungi that enhance the growth, resilience, and carbon sequestration potential of newly planted forests and woodlands. Whether it is for woodland restoration, commercial productivity, increasing tolerance to environmental stresses or capturing more carbon, their unique approach for growing locally-sourced mycorrhizal fungi ensures local adaptability to suit our customer's sites and needs.

 

For media enquiries and information, please contact:

Roddy Scott
Hot Tin Roof
e: roddy@hottinroof.co.uk
m: 07768506465

 

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