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§ Private Profile · New York City, NY, USA
Develops large-scale U.S. afforestation projects, generating verifiable carbon removal credits for companies achieving net zero goals.
Based in New York, New York, Chestnut Carbon develops large-scale afforestation projects by acquiring marginal agricultural land to plant native forests and generate verifiable carbon removal credits. The company owns over 70,000 acres across six Southeastern states and has planted 47 million trees to supply long-dated carbon offsets to corporate buyers. Its blue-chip customer base includes Microsoft, which signed a 25-year offtake agreement, and the Mercedes-AMG PETRONAS F1 Team. Chestnut Carbon has secured $360 million in total equity commitments, including a $160 million Series B led by the Canada Pension Plan Investment Board alongside DBL Partners. Additionally, the firm obtained a $210 million project finance credit facility led by JPMorgan to support its goal of reaching 500,000 acres by 2027. The organization was founded in 2022 by Ben Dell through the investment firm Kimmeridge.
Chestnut Carbon has raised $250.0M across 2 funding rounds.
Chestnut Carbon has raised $250.0M in total across 2 funding rounds.
Chestnut Carbon has raised $250.0M across 2 funding rounds. Most recently, it raised $90.0M Series B Extension in September 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 16, 2025 | $90M Series B Plus | — | — | Announced |
| Feb 1, 2025 | $160M Series B | — | C2 Investment, DBL Partners, M34 Capital, VoLo Earth Ventures, Y Combinator, Dylan Field, Immad Akhund, John Collison | Announced |
Chestnut Carbon has raised $250.0M in total across 2 funding rounds.
Chestnut Carbon's investors include C2 Investment, DBL Partners, M34 Capital, VoLo Earth Ventures, Y Combinator, Dylan Field, Immad Akhund, John Collison.
Chestnut Carbon is a U.S.-based technology company specializing in nature-based carbon removal through forestry projects. Founded in 2022, it develops and maintains afforestation (ARR) and improved forest management (IFM) projects on marginal crop/pasture lands and family-owned forests, generating high-quality, verifiable carbon removal credits for corporations seeking net-zero goals, as well as opportunities for landowners and NGOs.[1][3][6] The company serves corporate clients for carbon offsetting, landowners entering the carbon credit market, and conservation-focused organizations, addressing the lack of scalable, U.S.-sourced removal credits by planting native trees and conserving at-risk forests with proprietary MRV (measurement, reporting, verification) technology.[1][3][4] With projects across 37 states projected to remove over 100 million tons of CO2, Chestnut has demonstrated strong growth, including acquiring 17,000 acres and planting over 12 million trees by 2025, backed by Kimmeridge's capital.[3][4][7]
Chestnut Carbon was launched in March 2022 by Kimmeridge, a New York-based alternative asset manager focused on energy solutions, after the firm committed to net-zero in one of its investments and identified a gap in high-quality U.S. carbon removal credits.[3][4][5] Founder and CEO Ben Dell, also Managing Partner at Kimmeridge, brings experience driving net-zero commitments from public energy companies, leading a team with over 35 years in carbon markets, forestry, and land management.[1][3] A pivotal early move was acquiring Forest Carbon Works (FCW), a 35-person public benefit corporation founded by Kyle Holland, which specialized in IFM credits and proprietary carbon measurement for family forests; this integration provided Chestnut with deep forestry expertise and enabled rapid scaling, including planting over 3 million trees on 8,000 acres in its first year across Arkansas and Alabama.[4][5]
Chestnut Carbon rides the surging demand for nature-based solutions (NBS) in the voluntary carbon market, where corporations face pressure to source verifiable U.S. removals amid global net-zero pledges and regulatory scrutiny on offsets.[1][3][5] Its timing aligns with maturing carbon registries (e.g., Gold Standard, FSC) and U.S. policy shifts favoring domestic credits, countering supply shortages from international projects.[4][6] Market forces like rising corporate sustainability targets and carbon pricing bolster its model, while proprietary tech democratizes access for small landowners on 270 million acres of U.S. family forests, previously excluded by high costs.[5] By prioritizing additionality, biodiversity, and community benefits, Chestnut influences the ecosystem toward higher-integrity NBS, accelerating U.S. reforestation at scale (e.g., 500,000 acres by 2030 goal) and bridging finance with conservation.[3][4][5]
Chestnut Carbon is poised to dominate U.S. nature-based removals, leveraging its tech stack and Kimmeridge backing to hit ambitious targets like 200,000+ acres restored and 100M+ tons removed, amid expanding corporate demand and policy support.[3][4][7] Trends like AI-enhanced MRV, stricter registry standards, and integration with compliance markets will shape its path, potentially evolving it into a full NBS platform with global reach while maintaining U.S. focus.[1][3] Its influence may grow by setting benchmarks for verifiable, biodiverse credits, empowering more landowners and drawing in energy/tech giants—solidifying its role from gap-filler to market leader in the net-zero transition.[5][6]