Singapore-based sustainable agriculture platform Rize has secured US$31 million in fresh funding to accelerate the expansion of its sustainable rice farming platform across Southeast Asia.

The investment comes, the companies says, as investors are generally increasing their backing for climate-focused agricultural technologies that aim to reduce emissions while also delivering a strong social impact.

The Series B funding comprises US$20 million in equity led by BNP Paribas Asset Management Alts, with participation from The Rockefeller Foundation and existing investors Temasek and Breakthrough Energy Ventures.

An additional US$11 million in debt financing came from UOB, Vietnam’s BIDV and Temasek Foundation. The latest raise brings Rize’s total funding to US$47 million since its launch in late 2022.

Rize plans to use the capital to expand exports, strengthen end-to-end traceability across its supply chain, develop artificial intelligence ( AI ) tools for farmers and field teams, advance carbon certification initiatives and broaden its regional footprint beyond Vietnam and Indonesia.

The company has already shipped 1,500 metric tonnes of traceable low-emission rice to buyers in Europe, Canada, Australia and Singapore.

Rize’s model centres on alternate wetting and drying, an irrigation technique endorsed by the International Rice Research Institute and the Consultative Group on International Agricultural Research.

The approach can reduce methane emissions by up to 50%, lower water consumption by 20% to 30% and increase farmer incomes by as much as 30% without reducing crop yields. It also helps farmers meet maximum residue limit standards required by premium export markets.

Rice cultivation accounts for about 12% of global methane emissions, making the sector a major target for climate mitigation efforts.

“We see our investment in Rize,” says Alexandre Martin-Min, BNP Paribas AM Alts’ head of natural capital and impact investments, “as reflective of our conviction that capital deployed into high-impact, durable platforms in underserved markets can deliver meaningful and measurable environmental outcomes to help address climate challenges.

“Rize has positioned itself at the intersection of sustainable agriculture, carbon finance and verified commodity trade; very much aligned to our strategy to protect, restore and sustainably manage natural ecosystems while delivering competitive financial returns for investors.”