Photo - Planboo
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Planboo

Planboo provides a circular solution for carbon compensation

Sweden
Market: Farming, Another, Mobile applications
Stage of the project: Idea or something is already done

Date of last change: 13.06.2021
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Idea

Planboo provides a circular solution for carbon compensation in the fashion industry. Our progressive approach to carbon offsetting offers transparency to guarantee climate action is taking place. By planting bamboo, the fastest co2 absorbing plant in the world, we help fashion retailers remove their emissions. We then further reduce their emissions through the use of bio-based yarn from our harvested bamboo. All the while supported through a digitally tracked supply chain which supports thousands of smallholder farmers in the Global South.

Current Status

We have a working product that is selling on the market.Currently, we have signed 6 businesses who are carbon compensating and investing in the harvested bamboo for future fabrics, packaging and products. We have 10 more businesses in the pipeline.

Market

One third of the Global fashion industry is setting environmental goals. Our solution fits into two growing markets. The sustainable fashion market and the carbon offset market forecast to reach 1.2 trillion euros annually.

Our target customer is the fashion retailer that wants to carbon offset through planting bamboo, and also wants to use the harvested bamboo for future fabrics, package and products.

We are targeting Swedish fashion retailers that are already placing sustainability at the core of their business such as Houdini. After, we intend to sign a large corporate fashion retailer such as H&M.

Problem or Opportunity

The fashion industry accounts for 10% of global emissions. Retailers are under enormous pressure to both reduce and remove their emissions as well as offer transparency within their supply chains. With over one third of the global fashion industry setting environmental goals, there is increasing scrutiny in the industry demanding retails to innovate and show meaningful sustainability efforts, beyond green washing.

Planboo solves the triple sustainability problem in the fashion industry by i) removing co2 emissions with planting bamboo ii) removing emissions by providing low emissions bio-based bamboo yarn which replaces synthetic and high emissions yarns and iii) providing a digitally tracked and fully transparent and ethical bamboo supply chain.

Solution (product or service)

We offer a progressive approach to carbon offsetting which is forecast to reach $100 a tonne by 2030. Instead of selling abstract tonnes of CO2 that people struggle to understand or trust, we sell individual bamboo plants to businesses for a fixed per year. We offer a range of tools for businesses to present their climate action. A bamboo planting plugin for ecommerce stores, a communication package that includes maps and images of every bamboo, and dashboard that brings their climate action together.

Planboo is the Uber platform for carbon compensation. We connect businesses that want to remove emissions to farmers who want to earn an income from their land.

To connect farmers, we use an app that pays them to track individual bamboo growth providing our customers images and evidence that compensation has taken place. When the bamboo reaches maturity, farmers harvest the crop and sell directly to the bamboo industry through our platform.

Our digital solution creates the perfect circular solution that rapidly removes CO2 from the atmosphere, creates jobs alleviating poverty while restoring degraded land. Our harvested bamboo is made into biobased yarn, further reducing CO2 emissions in the fashion industry.

Competitors

Our competition includes:

i) tree planting initiatives which offer no guarantee of where that money has been spent, tree permanence or information/updates of the project.

i) carbon credits which lack transparency, evidence and only provide a certificate.

iii) bamboo plantations which are not digitally tracking or monitoring carbon removal of each bamboo plant.

Advantages or differentiators

Our advantage over other carbon offsetting solutions is that we are using tech to digitally track the growth of each bamboo plant. This provides the evidence that carbon removal is taking place which can be sold as a transparent carbon offset. Our solution has the added benefit of huge social impact. Farmers are paid through our platform for tracking the bamboo they grow, helping to alleviate poverty and provide jobs in the Global South.

Planboo's Advantages:
-Bamboo is the fastest CO2 absorbing plant in the world growing unto 1 meter per day.
-Bamboo is a grass so can be harvested every year providing a longterm source of income to rural farmers.
-Bamboo has thousands of different applications, from wind turbines to textiles. These bio based products reduce industrial emissions, helping the world transition to net zero.
-Planboo’s digital approach provides realtime data and evidence that carbon removal is taking place.

Finance

Planboo has a double-monetisation structure.

We sell bamboo plants as carbon offsets with a gross profit of 50%. Each bamboo, absorbs more and MORE CO2 every year resulting in a decreasing price per tonne of CO2 which works the inverse of the carbon market. Currently we sell individual plants for approximately $3 per plant per year. Through signing businesses who need to carbon offset, we expect to generate a cumulative revenue of $7.8M.

From year 5, the farmer begins harvesting the bamboo and the quantity increased by 50 times in 20 years. Planboo connects the farmer to Bamboo buyers, taking an additional commission for the sale of this quality bamboo.
Currently basic raw bamboo is sold for $20 a tonne. Planboo takes a 10% commission for this. Premium bamboo is sold for $90 a tonne. We charge a 10% for this.

Business model

We have been manually selling to businesses to foster trust in our brand and for our methodology of co2 removal with bamboo. We are now offering our offsetting solution to be sold by carbon auditors which will rapidly increase our sales to businesses.

Money will be spent on

i) Plant an additional 50’000 bamboo in Sri Lanka and India
ii) Sign 50 businesses
iii) Building our platform to connect all of our stakeholders

Offer for investor

We are happy to discuss our offer for investors during the meeting.

Team or Management

Risks

-Global South: with COVID there is a challenge that we can operate freely in India and Sri Lanka where we currently plant bamboo. To mitigate this we have excellent partners on the ground so can be our eyes and ears.

-Plants die: as we work with nature, there is a risk that our bamboo plants die or get eaten by animals. To mitigate this risk we grow our bamboo in nurseries for 1 year until they are resilient to be grown outside.

-Farmer acquisition: to ensure we can onboard as many farmers as possible, we are first working with large landowners within the agricultural sector who already have access to many farmers. This will help us scale and have the maximum impact.

-Ghost bamboo: to ensure we don't have ghost bamboo we combine ground imagery (GPS geotagging of every plant) with satellite imagery to guarantee planting and co2 removal is taking place

-Farmer retention: to stop us losing interest from farmers our app pays farmers through regular direct payments to ensure they continue to take care of the plants.

Incubation/Acceleration programs accomplishment

STING Accelerate Startup Climate Action Accelerator Programme completed in Stockholm on June 8th 2021

Won the competition and other awards

Finalists of STING's pre Accelerator (Startup Accelerate Climate Action)

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video