Noya Closes $11M Series A To Accelerate the World's Transition to Carbon Negativity With Innovative Direct Air Capture technology (DAC)

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Apr 11, 2023, 09:00 ET

SAN FRANCISCO, April 11, 2023 /PRNewswire/ -- Noya PBC, a San Francisco-based climate tech company deploying Direct Air Capture projects to remove society's historic CO2 emissions from the atmosphere, today announced an $11M Series A financing round. The round was led by Union Square Ventures and Collaborative Fund, with participation from Lowercarbon Capital, Fifty Years, MCJ Collective, EQT Foundation, Climate Capital, Nexwell Group, and a confidential university endowment. This investment will allow Noya to hire new team members, expand testing and manufacturing capabilities, and deploy their first commercial pilot later this year.

As part of their investment, Fred Wilson from USV and Sophie Bakalar from Collaborative Fund have joined Noya's board of directors. "Carbon removal is critical for the planet to meet its climate targets,"says Fred Wilson, Managing Partner at Union Square Ventures. "We believe direct air capture can become the leading way to perform carbon removal, and Noya's low capex, high modularity process can become the leading direct air capture approach. USV is thrilled to support Noya through its future scale-up and growth."

Founded in 2020 by CEO Josh Santos and CTO Daniel Cavero, Noya is on a mission to accelerate the world's transition to carbon negativity with innovative Direct Air Capture technology that is scalable and cost-effective. Noya is trusted by planet-forward industry leaders like Shopify and Watershed, who have each purchased Noya's carbon removal credits.

"By developing and deploying Direct Air Capture technology, we will be able to scale carbon removal to the volumes and costs needed to meet global climate targets," Santos says. "We are deeply committed to removing carbon dioxide from the atmosphere to help restore our shared planet."

Noya is also announcing the signing of its latest carbon removal agreement. This multi-year deal with a confidential university endowment will help this leading university's endowment reach their sustainability goals with high-quality, permanent carbon removal credits.

"We believe Noya's approach to DAC will allow them to scale quickly and deliver low-priced CDR in the near-term," said Stacy Kauk, Shopify's Head of Climate and a member of Collaborative's Sustainability Advisory Board. "We're very impressed with how the team put our upfront payment to work, quickly using it to build a pilot unit to refine the most critical components of their technology."

"At Collab, our mission has always been to bring planet-improving technologies out of the lab and into the mainstream," says Sophie Bakalar, Partner at Collaborative Fund. "What Noya is doing is building a technological foundation for global sustainable change. DAC is one of the most promising pathways to scale affordable, high-quality CDR, and they're scaling this technology at a rate we've never seen before. We're excited to be working alongside them and Fred as we embark on what is a truly world changing climate journey."

The carbon removal market is poised to see rapid growth in the next few years as companies and governments race to implement plans to meet their Net Zero goals. The UN's International Panel on Climate Change has deemed carbon removal "essential" to keep global temperatures from rising above 2˚C.

About Noya
Noya is on a mission to accelerate the world's transition to carbon negativity. Founded in 2020 by CEO Josh Santos and CTO Daniel Cavero, with a goal to ensure a healthy planet for generations to come, Noya has developed a scalable, cost-effective Direct Air Capture approach using abundant materials. Headquartered in San Francisco, Noya works with industry-leading organizations like Shopify and Watershed who are committed to purchasing high quality carbon removal credits. To learn more, visit www.noya.co.

About USV:
Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols. Since its founding in 2004, USV has backed companies such as Twitter, Etsy, Lending Club, Duolingo, Coinbase and Cloudflare. Since 2021, we have introduced two Climate Funds dedicated to investing in companies and projects that provide mitigation for or adaptation to the climate crisis.

About Collaborative Fund
Collaborative is a network of fund managers investing across asset classes, identifying and supporting companies that live at the intersection of for-profit and for-good, and managing over $1B in the aggregate. Collaborative's venture efforts are known for early investments in companies across food, money, health, and climate — such as Lyft, Sweetgreen, Beyond Meat, WHOOP, Dandelion Energy, and Brimstone. Please visit collabfund.com for more information.

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