Estonian SaaS platform Single.Earth cut its team due to bad economic conditions

Estonian SaaS platform Single.Earth cut its team and started to seek co-tenants for its newly opened office due to difficult economic conditions. According to the company, it has temporarily suspended some of the more resource-consuming and planned for the distant future development projects. Thus it currently needs fewer employees. Single.Earth will focus on its clients: individuals and companies. To date, there were 70 employees in the company.

In 2021, the startup secured €7,9M from lead investor EQT Ventures, an investor from the previous round Icebreaker VC, and business angels Ragnar Sass and Martin Henk, founders of Pipedrive. In January 2023, it announced that it raised an undisclosed amount of financing from the Japanese hedge fund Mistletoe.

Single Earth introduces a new currency - MERIT tokens, with the rate of 1 Merit or €3 per 100 kg of CO₂ captured in nature. The startup launched a platform that allows landowners to provide land data and receive a preliminary estimate of its ecological value. If the landowners take good care of their land, they could get a regular income from it, exchanging their achievements for merit tokens. Single.Earth registered 8M hectares on its platform, and 1M has already been protected. 

The startup was founded by ex-employee of Pipedrive Merit Valdsalu and Andrus Aaslaid in 2019.