Introducing Transitry and Navarun
Q: Can you provide a brief introduction to your company, Transitry?
A: Transitry emerged as a pivotal player addressing the critical issue of credibility within the carbon market. As it stands today, the market is riddled with discrepancies in the data collection, reporting, and monitoring of various projects. We recognized this gap and positioned ourselves in the Digital Monitoring, Reporting, and Verification (DMRV) niche, overseeing projects from initiation to trading issued carbon credits. Our current emphasis lies on nature-based solutions, encompassing agriculture, forestry, and blue carbon projects like mangrove restoration. These projects are known for producing high-quality carbon credits, ranging from lesser-valued biogas credits to highly-prized biochar credits. Our goal is to create a tangible impact across this spectrum, ensuring the integrity and effectiveness of the carbon credits generated.
In our journey, we’ve identified the need for technological innovation to simplify access for farmers to this ecosystem and enhance monitoring and analytics systems. This is where Transitry steps in, employing a variety of data collection methods such as satellite imagery, drone data, and on-ground census, coupled with historical farm data. By consolidating this data and applying our AI solutions, we extract sustainability insights, conduct predictive analytics, and evaluate the potential risks associated with each project.
This process opens doors to green financing and insurance opportunities within a speculative market, especially in forward sales of carbon credits. In essence, while some parts of our vision have been realized, others remain aspirational as we continue contributing to the carbon market’s evolution and credibility.
Q: How did you come up with the idea of Transitry?
A: My journey into Transitry is deeply rooted in my venture capital experience, where we didn’t just look for disruptive or innovative ideas, but instead focused on identifying existing market gaps. Understanding where the shortcomings lay in the current market landscape helped us pinpoint areas ripe for improvement or innovation. We observed the climate tech and agriculture technology sectors, noting that regions like the European Union, the US, and increasingly Australia, were significantly more advanced than parts of Asia. This disparity presented an opportunity to benchmark against more mature markets and explore whether similar business models could be replicated or adapted to suit the local contexts of India, South Asia, or Far East Asia, where the climate tech sector is still nascent.
Our research led us to carbon farming, a growing trend, though not without its complexities. The process seemed straightforward: farmers reverted to regenerative agriculture, sequestered carbon, registered a project, issued carbon credits, and got paid. However, the reality is much more nuanced. Operational constraints, ecological challenges, and the risk aversion of smallholder farmers in regions like India and South Asia, where livelihoods depend on small land holdings, add layers of complexity. Recognizing these constraints, we aimed to tweak existing models, catering to both smallholder farmers and larger corporate farms, to ensure a sustainable balance for our startup. Surprisingly, many traditional family businesses in the corporate farming sector were open to innovations, creating a unique opportunity to bridge the gap we identified in the market. This approach, shaped by my venture capital background, allowed us to strategically position Transitry to address the specific needs and challenges of the climate tech sector in these emerging markets.
Why Antler?
Q: Can you share your motivations for applying to the Antler startup accelerator program?
A: As a first-time founder stepping into the startup landscape, I was acutely aware of the crucial role a co-founder plays in the success, and even the initiation, of a startup. Having a brilliant idea and access to resources is one thing, but having the right co-founder can significantly ease the stressful journey of starting and establishing a business. Antler provided a unique platform tailored for founders like me. It brings together a diverse group of talented and driven individuals, facilitating a matchmaking process to find the ideal co-founder. My experience was somewhat atypical; I was fortunate to find my co-founder during a pre-drinks session, even before the official start of the program. We connected over our aligned interests and backgrounds and decided to embark on this entrepreneurial journey together.
Inside Antler’s Program
Q: How does the Antler program look like?
A: The general pathway at Antler involves a series of bootcamps over the first month. These activities are designed to help participants mix, match, and work with various individuals in the cohort, ultimately leading them to a suitable co-founder. In our case, we opted out of the regular bootcamp system, but the experience underscored the effectiveness of Antler’s approach in creating the right environment for founders to find their perfect match.
Opting into the bootcamps at Antler is entirely up to the individual’s choice, particularly if they’ve already identified their co-founder and have a clear idea of the venture they wish to pursue. In scenarios like that, the emphasis shifts to working directly on the startup idea from the get-go, bypassing the need for the bootcamp experience. Antler’s model is inclusive, catering not just to individual founders in search of a co-founding partner but also to well-established startups with existing teams and operations. For such entities, the accelerator program serves as a catalyst for growth and acceleration, rather than a space for initial team formation. The journey through Antler can thus vary significantly from one participant to another, with different paths depending on the startup’s stage of development and the founders’ specific needs and circumstances.
Q: What did you find very beneficial during the program and did you receive any funding from the prog?
A: One of the program’s cornerstones is the access to internal coaches or mentors. Antler pairs its partners with the startup teams to help vet ideas, ensuring a strong founder-to-solution or founder-problem fit. This phase is crucial; it’s not uncommon for ideas to be refined or completely rethought during this period. The aim is to align the founders’ strengths with the problem they are solving, ensuring the right people are tackling the right issues. Antler facilitates a series of informative and educational sessions in tandem with this vetting process. These gatherings bring seasoned founders and industry professionals to the stage, sharing their experiences and insights with the new founders. This not only fosters a learning environment but also helps in building a robust network. One connection can lead to ten more, creating a supportive community around the startups.
Furthermore, Antler plays a significant role in fundraising efforts. They actively showcase their startups to the broader community, enhancing visibility and creating investment opportunities. This is an invaluable asset for any early-stage startup. Beyond these immediate benefits, Antler has also expanded its support through a larger fund, allowing for substantial follow-on funding. They exercised their pro-rata rights in our pre-seed round, providing additional funding post-incubation. Looking ahead, if a startup shows promising growth and aligns with Antler’s expectations, there is potential for even more significant investment.
We also received funding from Antler during the program and also for our pre-seed round.
Q: Did you have any mentorship or training sessions?
A: Absolutely, the approach at Antler is quite balanced in this regard.
Group Sessions: We participated in what I would describe more as information-sharing sessions rather than traditional training. The atmosphere isn’t like a classroom; it’s not about being taught conventionally. Founders are expected to bring their insights and drive to the table. In group settings, especially when external experts are involved, the information is shared collectively, which is a more efficient way to disseminate knowledge and insights to all participants.
One-on-One Sessions: On a more individualized level, we had access to one-to-one sessions with our internal coaches. This provided a more tailored and direct form of guidance, crucial for addressing specific concerns and challenges unique to our startup.
Screening and Validation: A significant aspect of the Antler program is the rigorous screening process. About two months in, startups face their first major evaluation in front of both the internal investment committee and external members. This is where you need to make a strong case for your team and your idea. It’s a decisive moment distinguishing startups that have actively sought market validation from those that haven’t. This emphasis on early validation is critical. Without market alignment and acceptance of your vision, solution, or identified problem, the entire endeavor could be in vain.
The Antler Program’s Most Insightful Moments
Q: Could you share a pivotal or insightful moment from your time in the Antler program?
A: Actually, our journey didn’t include any sudden or unexpected realizations. Our strategy was to methodically work through the issues at hand, understanding the problems deeply and figuring out the steps required for validation. We aimed to reach a stage where we were confident enough to raise the next round of funding. We managed to raise our pre-seed funding round in November of the previous year. Following that achievement, our focus shifted to several key areas:
- Building Our Product: We dedicated our efforts to developing and refining our solution.
- Engaging with Regulators: Given the regulated nature of the carbon market, it was crucial for us to actively work and communicate with regulatory bodies.
- Building Relationships with Farm Partners: Establishing and nurturing relationships with our farm partners was a critical component of our strategy.
Our approach was systematic, and we didn’t experience any sudden “aha moments.” Instead, our journey was filled with daily discoveries and ongoing learning. The challenge was to strategically respond to new information, constantly adapt our positioning, and tweak our processes to better accommodate our findings.
Current Status of the Company
Q: Could you update us on the current status of your company?
A: We’ve been operational for about eight months and are currently in the pre-seed stage, having successfully raised pre-seed funding. Our product has progressed beyond the Minimum Viable Product (MVP) stage and is in the testing phase. In terms of land management, we have access to approximately 500,000 hectares, encompassing a variety of farms in different locations. Our reach extends to numerous farming operations, giving us a diverse and substantial presence in the agricultural landscape. This extensive land management demonstrates our ability to handle various regions’ diverse farming needs.
Q: Are there any plans to expand your land management area in the upcoming months?
A: While expansion is certainly a positive goal, our current focus is on managing the considerable responsibilities we already have. We’re actively engaged in projects across four countries: Indonesia, Malaysia, India, and Uganda. We prioritise solidifying our presence and delivering substantial value in these regions before we consider further expansion. That’s not to say we don’t have growth plans – we have a strong pipeline of potential projects ready to go. However, we are choosing to be strategic about when and how we activate different parts of this pipeline. The right time for expansion will come, but for now, our attention is dedicated to excelling in our existing projects and ensuring we’re making the most of the opportunities at hand.
Q: What strategies are you employing to expand your business pipeline?
A: Our growth up to this point has been significantly driven by personal and investor connections. Many of our opportunities have come through relationships we’ve built over time. For instance, I have a personal connection with plug-and-play from my time on their investment team, and they are now one of our investors. Plug-and-play has a robust network of strong corporate connections, providing us access to valuable and supportive partners. While these corporate connections have been incredibly beneficial, most of our access still comes from our personal networks. This emphasis on relationship-building has been central to our strategy for growing our business pipeline.
Q: Can you share more about the size of your team?
A: We are a relatively small team, currently numbering less than 10 people. However, we do have access to a considerable pool of engineering talent, mainly due to the hackathons that we organize. This provides us with a vast resource to tap into as needed. Despite our extensive network, we remain a pre-seed startup, and thus, we must maintain a low burn rate, which means we have to be strategic about our team size and expansion.
Tips for Prospective Antler Applicants
Q: What advice would you give to founders considering applying to Antler?
A: A useful tip for prospective applicants is to leverage their network, especially if they know someone who has previously been a part of Antler. Gaining an internal recommendation through a warm introduction can be beneficial. Additionally, it’s important for founders to approach this experience with the right mindset. Antler is not a school, and no one is there to teach you in a traditional sense. Instead, think of it as a process of information gathering and fine-tuning what you already know. Founders should recognize their expertise in their field and learn how to translate that knowledge into a viable business model during their time at Antler. Lastly, regardless of their social preferences, all founders should strive to make the most out of the connections they establish at Antler and capitalize on these opportunities.