34. Mast Reforestation

Founder: Grant Canary (CEO)
Launched: 2016
Headquarters: Seattle
Funding: $36 million
Valuation: N/A
Key technologies: Autonomous vehicles, robotics
Industry: Agriculture, forestry
Previous appearances on Disruptor 50 List: 0

Climate technology innovator Mast Reforestation is on a mission to mitigate the worst effects of a changing climate by replanting burnt forests in a cost-effective way. It also sells carbon credits to offset C02 and greenhouse gas emissions.

The Seattle-based startup, which cultivates seedlings in nurseries to restore forests, sends mega-drones to rapidly plant tree seeds within 30 days after wildfires.

Last year, Mast Reforestation replanted the 300-acre Henry Creek forest in Western Oregon after a devastating wildfire. Buyers of Henry Creek carbon removal credit included ecommerce company Shopify and its sustainability fund. The credits were sold out by the end of 2022. Mast Reforestation's next large project is reforesting 2,700 acres of burned forest in Montana around Yellowstone National Park. 

Its work in bringing burnt forests back to life won't be done any time soon. More than 68,000 wildfires consumed about 7.6 million acres nationwide last year, the National Interagency Fire Center reports.  

As the world moves toward net zero targets and reducing carbon emissions gains importance, the carbon credit market has become more prominent, though not without criticism. 

Investment in carbon credits is increasing to meet sustainability goals and to comply with laws that require an offset of greenhouse gas emissions and other environmental problems. According to a Bloomberg NEF forecast from earlier this year, the total value of carbon credits for companies and individuals seeking to meet climate goals could approach $1 trillion by 2037. But it warned that definitions within the market remain too loose amid greater scrutiny of "greenwashing," and arguments will continue about offsets being no replacement for actual carbon removal strategies. In total across 2022, credits bought had declined year-over-year and the supply of credits was close to flat.

Formerly known as DroneSeed and now operating under parent Mast Reforestation, the company is betting that the boom will renew. CEO and co-founder Grant Canary grew this unique business out of a Techstars 2016 cohort in Seattle. He's in expansion mode, acquiring businesses for market share and consolidating them to become a one-stop shop.

In March, Mast Reforestation bought seedling supplier Cal Forest Nurseries, a large California tree grower, addressing a problem of inadequate supply. It also purchased Siskiyou Seed, a regional seed hub in Oregon. Those purchases complement its earlier 2021 acquisition of tree farm SilvaSeed Company, a 134-year-old leader in seed varieties and cone collection supplies. For its flagship reforestry work, Mast Reforestation partners with project co-developer Ecotrust Forest Management (EFM), an investment firm with stewardship of 120,000-plus acres.

Several climate-focused tech investors have backed Mast Reforestation. In 2021, the startup pulled in a $36 million Series A funding round, led by San Francisco area-based investors Social Capital and Seven Seven Six. Investors included Shopify CEO Tobias Lütke, Tesla and SpaceX investor DBL Partners, and Marc Benioff's Time Ventures.

This climate tech startup is in a space that has a good deal of competition already, including carbon credit issuers and certifiers such as Verra and Gold Standard. Meanwhile, competitors in reforestry include C02 Revolution in Spain, Magic Forest in Croatia, and Flash Forest in Canada. As a differentiator, Mast Reforestation intends to branch out to other revenue sources such as real estate businesses that want healthy forests around their properties.