Former F1 driver Rosberg, Agnelli's Exor invest in adopt-a-tree site Treedom

Former F1 driver Rosberg, Agnelli's Exor invest in adopt-a-tree site Treedom
Former F1 driver Rosberg, Agnelli's Exor invest in adopt-a-tree site Treedom   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">FLORENCE</span> – Former Formula One world champion Nico Rosberg and Agnelli family holding company Exor are among the new investors in Italy’s Treedom, an e-commerce platform on which customers pay for having trees planted around the world.</p> <p>The company, founded in Florence in 2010, will receive 10 million euros ($12 million) of investment to develop its digital platform, launch new planting projects and open subsidiaries in Paris and Amsterdam later this year, it said on Tuesday.</p> <p>The move comes ahead of the United Nations Climate Change Conference in Glasgow, known as COP26, in November which Italy is co-hosting with the UK. </p> <p>The group of investors supporting the company is led by Italian asset manager Banca Generali, which put 3 million euros into it. Italian merchant bank <span class="caps">DRV</span> Capital and Exor will inject 2.7 million and 250,000 euros respectively. </p> <p>Rosberg, together with Italy soccer player Giorgio Chiellini, <span class="caps">LVMH</span> executive Andrea Guerra and other Italian investors will contribute small sums, the company said.</p> <p>Rosberg, who retired from racing in 2016 shortly after becoming world champion, has already invested in several start-up companies linked to sustainability including Lilium, which is developing all-electric small jets. </p> <p>“When we met to seal the partnership, I told Nico imagine the impact we could have if every person or company in Europe gave a tree as a gift even once a year. This is our shared vision, to make the world greener one tree at a time,” said Treedom <span class="caps">CEO</span> Federico Garcea.</p> <p>Through the Treedom platform individuals and companies pay to plant a tree in a chosen location and can follow it as it grows. The tree can be virtually gifted to others. </p> <p>“It took 9 years to plant the first million trees, it only took a year to plant the second million,” Garcea said, adding the company plans to open an office in New York next year.</p> <p>Treedom expects to boost its revenue to 15 million euros this year from 9.2 million in 2020, the <span class="caps">CEO</span> told Reuters.</p> <p>($1 = 0.8534 euros)</p> <p/> </div>