Carbon Counts

Carbon Counts

Growth Stage

EverForest™—a mobile game that plants trees in the real world!

EverForest™—a mobile game that plants trees in the real world!


Raised to Date: Raised: $13,150

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RegCF    Open SEC Filing

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Year Founded



Media, Entertainment & Publishing

Tech Sector


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Capital Intensity



Cambridge, Massachusetts

Business Type

High Growth

Carbon Counts, with a valuation of $28 million, is raising funds on Wefunder. The company has developed a mobile game in the Play-to-Plant genre that merges mobile gaming with re-greening the planet. Carbon Counts’s game, EverForest, allows players to grow forests, discover secrets, befriend animals, unlock plants, and collect and merge items while Carbon Counts plants real trees in real EverForest projects. The game is in the Early Access stage and aims to reach $100 million in revenue and 100 million trees planted by the end of 2026. Micheal Libenson, Vikram Sahai, and Brett Jenks founded Carbon Counts in July 2020. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.2 million. The campaign proceeds will be used for product development, marketing, and tree planting.

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Financials as of: 11/09/2023
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Analyst Report



Mobile gaming has taken the world by storm, with an estimated 2.8 billion players worldwide in 2020. Simultaneously, the world faces an environmental crisis, with deforestation contributing significantly to climate change. Carbon Counts aims to bridge these seemingly disparate areas with its innovative mobile game, EverForest.

EverForest is a game in the emerging Play-to-Plant genre that combines mobile gaming with environmental conservation. Players grow forests, discover secrets, befriend animals, unlock plants, and collect and merge items in the game. As players engage with the game, Carbon Counts plants real trees in real-world EverForest projects. The company has ambitious goals to reach $100 million in revenue and plant 100 million trees by the end of 2026.

Carbon Counts is backed by several venture capital firms, including Oceans Ventures, Builders Initiative, Borderless Capital, and Winklevoss Capital. The company is currently in the early access stage and is raising funds through a crowdfunding campaign on Wefunder. The proceeds will be used for product development, marketing, and tree planting.

Next Section: Price


Carbon Counts is raising funds through SAFE on Wefunder at a valuation cap of $28 million. Carbon Counts is still in the early stages of development and has not yet generated revenue. Investors should carefully consider the risks associated with investing in a pre-revenue company. Additionally, the valuation may be considered high given the lack of revenue and the early stage of the company's product. Carbon Counts claims to have launched in three countries, including the Philippines and Sweden, but it didn't communicate any revenues it could have generated. It will be crucial for Carbon Counts to execute its growth plans and achieve its revenue and tree-planting targets to justify its valuation and provide returns to investors.

Next Section: Market


Carbon Counts operates within the global mobile gaming market, which has been positively impacted during the COVID-19 pandemic. The market was valued at $141.71 billion and is projected to grow at a compound annual growth rate (CAGR) of 16.22%. During these challenging times, mobile games have been a source of relief and entertainment, offering social connection during global quarantine periods. Advertising investment in mobile games has also increased as brands seek to attract more users and corner sufficient market share.

With the development of mobile games resulting in scalability for the gaming industry, platforms like Facebook and Instagram have started to develop innovative mobile games to ensure high product differentiation and benefit from engaging games to enhance their advertisement strategies. Additionally, smartphone hardware capabilities have rapidly increased during the last couple of years, further driving the expansion of the mobile gaming industry. These factors all contribute to a high market potential for Carbon Counts.

However, the market does have established competitors and is moderately competitive, posing a challenge for Carbon Counts, which is currently in the pre-revenue stage. The company's unique offering, EverForest, a mobile game in the Play-to-Plant genre that merges mobile gaming with re-greening the planet, differentiates it from other mobile games. As players grow forests and make them flourish in-game, Carbon Counts plants, grows, and protects trees in the real world on their behalf.

Next Section: Team


A team of three experienced entrepreneurs leads Carbon Counts, each bringing a unique set of skills and experiences to the table.

CEO Michael Libenson is a three-time entrepreneur and two-time co-founder with two successful exits, including Upromise. With over 23 years of experience, Libenson brings knowledge and leadership to the team. His past successes and entrepreneurial spirit are key assets to Carbon Counts as they navigate the early stages of their business.

CTO Vikram Sahai is a veteran of 15 years from Google and the founder of two tech start-ups, one of which was successfully sold. Sahai's extensive tech industry experience and success in founding and selling a start-up demonstrate his ability to drive technological innovation and business growth.

Brett Jenks, the Chairman of Carbon Counts, is an experienced CEO with a career developing conservation solutions that benefit 60+ countries. Currently, the CEO of Rare, Jenks, brings a unique perspective to the team with his experience in conservation and non-profit leadership. However, it's worth noting that he isn't fully dedicated to Carbon Counts as he also holds other significant roles.

Overall, the Carbon Counts team is well-rounded and experienced, with a strong track record of entrepreneurial success. This, combined with their unique product offering and ambitious goals, positions them well for future growth in the global mobile gaming market.

Next Section: Differentiation


Carbon Counts differentiates itself in the media, entertainment, and publishing industries by combining mobile gaming with environmental impact. The company's mobile game, EverForest, falls into the Play-to-Plant genre, where players can grow forests, discover secrets, befriend animals, unlock plants, and collect and merge items. What sets Carbon Counts apart is that for every in-game action that helps grow and flourish forests, real trees are planted in EverForest projects.

This approach creates a symbiotic relationship between gameplay and re-greening the planet. As players engage with EverForest, Carbon Counts plants, grows, and protects trees in the real world on their behalf. By partnering with forward-thinking organizations, Carbon Counts aims to regenerate thriving ecosystems and positively impact the environment.

While Carbon Counts faces competition in the Play-to-Plant genre from companies like Tappy Tree!, TreesPlease, Longleaf Valley. These competitors provide a similar offering and could prevent Carbon Count from gaining market shares. The company's competitors have already accumulated millions of players.

Players who want to plant trees without making in-app purchases and, therefore, be more efficient may decide to give money to companies and non-profits like World Tree, The Nature Conservancy, and ReLeaf. These organizations plant trees and sometimes provide their backers with financial returns - like World Tree. While the gamification of tree planting mostly drives Carbon Count players, these organizations are an indirect competition for the company.


Next Section: Performance


Carbon Counts has made significant progress in developing and testing its mobile game, EverForest. The company conducted a trial to gauge the impact of tree-planting mechanics on player retention within the game. The results were good, with improvements seen across various metrics. Ad viewership increased by 60%, CPI (cost per install) decreased by 9%, short-term retention increased by 55%, and play time per user increased by 8%. These positive outcomes demonstrate the effectiveness of Carbon Counts' approach in merging mobile gaming with re-greening the planet.

EverForest has gained traction with players, having been played by 32,000 individuals. The game is currently live in the Philippines, Netherlands, and Sweden, indicating its international appeal. Carbon Counts' innovative concept of merging gameplay with real-world tree planting has resonated with users.

Financially, Carbon Counts has a solid cash position, with $947,002 in cash on hand as of the most recent report. The company has a monthly burn rate of $290,117, indicating ongoing investment in product development and marketing efforts. Carbon Counts has raised $10 million in prior funding rounds, reflecting investor confidence in the company's vision and potential for growth.

Looking ahead, Carbon Counts aims to reach $100 million in revenue and plant 100 million trees by the end of 2026. These ambitious goals align with the company's mission of harnessing the power of play, people, and plants to impact the environment positively. With its unique Play-to-Plant concept and partnerships with organizations such as the EarthLungs Reforestation Foundation and One Acre Fund, Carbon Counts is well-positioned to contribute to reforestation efforts significantly.

Overall, Carbon Counts has demonstrated early traction with its mobile game, EverForest, and has a clear vision for growth and environmental impact. The company's innovative approach and partnerships differentiate it in the competitive landscape of the media, entertainment, and publishing industry.

Next Section: Risk


Investing in Carbon Counts carries certain risks due to the nature of its business and industry. The company operates in the competitive media, entertainment, and publishing industry, specifically in the mobile gaming sector. Carbon Counts faces competition from both indirect and direct competitors such as World Tree, The Nature Conservancy, ReLeaf, Tappy Tree!, TreesPlease, and Longleaf Valley. This competitive landscape poses a risk to Carbon Counts' ability to attract and retain users in the highly saturated mobile gaming market.

The success of Carbon Counts heavily relies on the market acceptance of its mobile game, EverForest. While the company aims to merge mobile gaming with re-greening the planet, there is no guarantee that the target audience will embrace the concept or that the game will achieve the desired revenue and tree-planting goals. Failure to attract a significant user base or generate sufficient revenue could negatively impact Carbon Counts' financial performance and viability.

Additionally, Carbon Counts' co-founder and Chairman, Brett Jenks, leads other ventures on the side, raising concerns about the leadership team's commitment and stability. A lack of dedicated founders may hinder the company's ability to effectively execute its business strategy, make critical decisions, and adapt to market changes.

From a financial perspective, Carbon Counts has a negative net income and a significant monthly burn rate. It is a very high burn rate for pre-revenue mobile games. If the company were not to be able to attract funding anymore, it could file for bankruptcy quickly. The company's financial resources may be depleted quickly if it cannot generate sufficient revenue or secure additional funding.

Next Section: Bullish Outlook

Bullish Outlook

Carbon Counts's Play-to-Plant game, EverForest, merges entertainment with environmental impact by allowing players to grow virtual forests, unlock secrets, and collect items while Carbon Counts plants real trees in real-life EverForest projects. This innovative approach provides a captivating gaming experience and contributes to re-greening the planet.

Carbon Counts has attracted notable investors, including Grantham Environmental Trust, Susquehanna International Group (SIG), Builders Initiative, and Algorand. This support from respected investors signifies the potential of Carbon Counts' business model and its ability to generate significant revenue through transactional and advertising streams.

The addressable market for Carbon Counts is extensive as the global mobile gaming industry continues to grow rapidly. By offering a unique and environmentally conscious gaming experience, Carbon Counts can capture a significant share of this market and establish itself as a leader in the Play-to-Plant genre.

With a valuation of $28 million and the ongoing crowdfunding campaign on Wefunder, Carbon Counts is well-positioned for growth and success. The funds raised will be utilized for product development, marketing, and tree planting, further enhancing the company's market presence and environmental impact.

Next Section: Bearish Outlook

Bearish Outlook

Carbon Counts operates in the highly competitive media, entertainment, and publishing industry with its mobile game, EverForest. While the company aims to merge mobile gaming with re-greening the planet, it faces tough competition from indirect and direct competitors. Indirect competitors like World Tree, The Nature Conservancy, and ReLeaf also focus on environmental conservation and reforestation efforts. Direct competitors such as Tappy Tree!, TreesPlease, and Longleaf Valley offer similar mobile games that aim to engage players in tree-planting activities.

Additionally, Carbon Counts faces the challenge of generating revenue in a pre-revenue stage. Despite having users for the EverForest game, the company has achieved no meaningful revenue. 

Considering the moderately competitive landscape and the low barriers to entry in the industry, Carbon Counts may struggle to differentiate itself and capture a significant market share. The company's valuation of $28 million seems inflated, given its current stage and lack of proven revenue generation.

Next Section: Executive Summary

Executive Summary

Carbon Counts is an innovative company merging mobile gaming with environmental initiatives. The company's mobile game, EverForest, allows players to engage in interactive gameplay while contributing to real-world reforestation efforts. As players grow and protect forests within the game, Carbon Counts plants real trees in various EverForest projects worldwide.

The company is in its early stages, with the game currently in the Early Access stage. Despite being pre-revenue, Carbon Counts has ambitious goals to reach $100 million in revenue and plant 100 million trees by the end of 2026. The company's efforts align with increasing global awareness and concern for environmental sustainability, potentially positioning it well for future growth.

However, it's important to note that the mobile gaming market is highly competitive, and the success of Carbon Counts will largely depend on its ability to differentiate itself and attract a dedicated player base. The company is still pre-revenue, at least in the United States, and its valuation of $28 million is inflated.

Carbon Counts has raised $10 million in prior funding rounds and is backed by notable investors such as Oceans Ventures, Builders Initiative, Borderless Capital, Winklevoss Capital, and Capital Factory. The company is seeking additional funding to further product development, marketing, and tree-planting initiatives.


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Carbon Counts on Wefunder 2023
Platform: Wefunder
Security Type: SAFE
Valuation: $28,000,000

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