The Commonwealth Bank of Australia backed Wollemi with an equity investment.

Wollemi Capital, a climate specialist investment firm, has successfully raised $220 million in one of Australia’s largest Series A capital rounds of 2023. The Commonwealth Bank of Australia (ASX: CBA) provided an equity investment to support the fundraising.

Founded in 2021 by Tim Bishop and Paul Hunyor, the firm focuses on investing in businesses and projects that contribute to the global transition to net-zero emissions. The funding will be used to expand the team, invest in North America and Australia, and develop a funds management business.

Wollemi has an innovative approach to investing in emerging areas of the climate space and providing technical expertise and patient capital to portfolio companies. Their investments include Pachama, a carbon credit platform, Loam Bio, a company developing a biological seed coating for soil health, and Pluton Bio, an agtech startup focused on soil fertility and carbon sequestration.

The firm also received a US$35 million cornerstone investment last year from Trawalla Group, the investment vehicle of Alan Schwartz AO and Carol Schwartz AO.

Meanwhile, the strategic alliance with CBA aims to connect emerging climate solutions to corporate demand and develop carbon markets. The investment will also contribute to CBA’s climate expertise and support investments in climate-related businesses.

The company takes its name from the Wollemi pine tree (pictured), which is a highly endangered species belonging to the same family as Bunya and Hoop pines.

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