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


© Reuters. Amina Matobu shows trees that were purchased on Italy’s Treedom, an e-commerce platform on which customers pay for having trees planted around the world, that has investors including former Formula 1 champion Nico Rosberg and Agnelli’s family holding comp


FLORENCE (Reuters) – Former Formula One world champion Nico Rosberg and Agnelli family holding company Exor (OTC:) are among the new investors in Italy’s Treedom, an e-commerce platform on which customers pay for having trees planted around the world.

According to the company’s Tuesday announcement, 10 million euros ($12million) will be invested in its digital platform development, new planting projects, and opening subsidiaries in Paris, Amsterdam, and other cities later in this year.

This announcement comes before the United Nations Climate Change Conference (COP26) in Glasgow in November, which Italy and the UK are co-hosting.

Banca Generali (MI:), an Italian asset manager, is the leader of the investors who are supporting the company. It invested 3,000,000 euros. Exor and DRV Capital, an Italian merchant bank, will invest 2.7 million euros and 250,000 euros.

Rosberg will be joined by Giorgio Chiellini (Italian soccer player), Andrea Guerra, LVMH executive, and other Italian investors.

Rosberg retired shortly after being crowned world champion in 2016. He has invested in several sustainable start-ups, such as Lilium, which makes all-electric small planes.

When we first met, Nico asked me to imagine what impact it would have on the world if everyone in Europe could give a tree every year. Federico Garcea from Treedom, CEO of Treedom said this was our common vision: “To make the world greener by planting one tree each year.”

Treedom is a platform that allows companies and individuals to purchase trees in their chosen locations and then follow the tree as it grows. You can gift the tree to other people virtually.

Garcea explained that it took 9 years for the first million trees to be planted, but only one year to plant another million. The company also plans to open a New York City office next year.

According to Treedom’s CEO, it expects to increase its revenues to 15 million euros in this year. This is up from the 9.2 million that was expected by 2020.

($1 = 0.8534 euros)

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