Carbon Removal Marketplace Nori Announces Appointment of Matt Trudeau as CEO and $6.25M Funding Round Led by M13, Toyota Ventures, Placeholder, and Cargill

SEATTLE--(BUSINESS WIRE)--Jun 6, 2023--Nori, a leading carbon removal marketplace, announced today that Matt Trudeau, a digital markets and exchange veteran, is joining the company as CEO and joining the board of directors, effective immediately. Nori also announced that the company has raised an additional $6.25M led by current investors, M13, Toyota Ventures, Placeholder, and Cargill, bringing total funding to $17.25M. Paul Gambill, Nori's co-founding CEO during the past five years, will remain on the board and take a new position within the company as Chief Product Officer.

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The company’s decision to bring in a new CEO comes as Nori prepares to scale its marketplace to support the sale of its largest-ever supply of carbon removal credits in collaboration with Bayer, and to prepare to expand the carbon removal product offerings available on the marketplace.

A serial exchange founder, Trudeau joins Nori equipped with a wealth of market experience and a track record of successfully building disruptive tech startups. His deep expertise spans over two decades in regulated financial markets, market structure, trading technology, electronic marketplaces and exchanges, blockchain, asset tokenization, and cryptocurrencies. Trudeau has led or assisted in 12 market launches for equities, commodities, derivatives, and cryptocurrencies across the Americas, Europe, and Asia with firms including Instinet, Chi-X Global, IEX, Tradewind, and ErisX.

During his tenure as co-founding CEO, Gambill successfully guided Nori through crucial stages of growth and established the company as a leader in the carbon removal space. In his new role, Gambill will focus on driving product innovation and strategy working with industry stakeholders and cross-functionally with Nori’s leadership team.

"I am honored and excited to join Nori as its new CEO," said Trudeau. "Under Paul’s leadership, Nori has established an exceptional team, brand, technology platform, innovative products, and strategic commercial relationships. The opportunities to advance the carbon market align strongly with my experience building financial and commodities markets. We will leverage Nori’s solid foundation to continue to drive innovation, expand our marketplace, and become the leading provider of solutions for carbon removal suppliers and buyers."

Gambill welcomes Trudeau, saying, “I am thrilled to have Matt join us as Nori's new CEO. His experience and understanding of financial technology and markets are exceptional, and his impressive record of driving growth and innovation at financial and technology firms makes him an extraordinary fit for our organization. With Matt at the helm, we are excited to commercially scale our carbon removal credits with the Bayer Carbon Program collaboration and to make step-change-level improvements in the amount of CO2 being removed from the atmosphere.”

“We are thrilled to continue to support Nori and want to thank Paul for his vision and work to date positioning Nori as a leader in the climate space, and his transition to Chief Product Officer within the company ensures continuity and continued contributions to Nori's mission," said Latif Peracha, General Partner, M13. "With Matt Trudeau assuming the role of CEO, Nori gains a seasoned leader with deep expertise and a proven track record in digital markets and exchanges, which we think will be instrumental to Nori's future growth.”

“We are excited to support Nori’s next phase of growth with this latest financing,” said Jim Adler, founder and general partner at Toyota Ventures. “Nori is addressing a key challenge for the industry and society by offering a transparent marketplace for carbon removal. To reach Paul’s vision of carbon removal at a planetary scale, many challenges remain. Under Matt’s leadership, we look forward to seeing the team expand Nori’s offerings and grow its marketplace volume to achieve its founding mission.”

About Nori

Nori is an end-to-end carbon removal marketplace based in Seattle, Washington. Founded in 2017, Nori is on a mission to reverse climate change by developing market-driven solutions to remove 1.5 trillion metric tonnes of legacy carbon dioxide from the atmosphere.

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