hummingbirds Raises €50 Million to Scale Nature-Based Carbon and Biodiversity Projects

French nature-based solutions platform hummingbirds has raised €50 million (USD 59 million) in a Series A financing round from Swedfund, Proparco, and British International Investment, to scale its portfolio of conservation and ecosystem restoration carbon projects. The company has developed more than 20 projects expected to deliver the sequestration or reduction of more than 45 million tonnes of CO2 equivalent.

Founded in 2022 by travel firm Voyage Privé, hummingbirds provides financing and technical assistance to nature-based solution project holders focused on high-integrity carbon projects, with an emphasis on early-stage feasibility studies and pilots. To date, the company's projects are expected to sustainably manage more than 700,000 hectares, support the livelihoods of over 400,000 people, and protect habitats for more than 180 IUCN-listed threatened species. The Series A was divided equally among Swedfund, Proparco, and British International Investment, each committing €15 million, with an additional €5 million in seed capital from hummingbirds itself.

Nature-based carbon solutions — covering avoided deforestation, reforestation, and sustainable land management — represent the largest category of voluntary carbon credits. However, the sector has faced significant scrutiny over additionality, permanence, and community benefit claims. hummingbirds' model, which focuses on early-stage project support and community-driven conservation, addresses key criticisms of nature-based carbon by embedding social co-benefits and providing technical guidance from project inception. The backing of three development finance institutions adds credibility and de-risks reputational concerns for potential corporate credit buyers.

The €50 million raise will enable hummingbirds to expand its global project pipeline, with a particular focus on regions where conservation finance is scarce but ecological value is high. Development finance institution backing from Swedfund (Sweden), Proparco (France), and BII (UK) provides a clear alignment signal for future co-investors and project sponsors seeking blended finance structures. For India, which has significant nature-based carbon project potential — particularly in forestry, wetlands, and mangroves — hummingbirds' model of combining DFI capital, technical assistance, and structured community co-benefits offers a replicable template under India's evolving carbon credit framework.

Key figure — 45 million tonnes of CO2e expected to be sequestered or reduced