Dutch startup Meridia looks to scale up EUDR compliance tool

Amsterdam –Dutch startup Meridia has closed a 'series A' funding round, securing €5.2 million from new investors to scale up its data-verification technology. 

The funds will accelerate the commercialisation of the ‘Meridia Verify’ system, which enables companies to “accurately assess and mitigate risks related to agri-commodity.”

“Verify allows companies to identify erroneous, fraudulent and non-compliant data, and get actionable resolutions for risk contributors, in real-time,” Meridia said 23 April.

The tool is also claimed to improve “the speed and quality of evidence-based decision-making” for procurement, sourcing, trade and sustainability teams to lower commercial and reputational risk.

In particular, the system is intended to help companies respond to “increasingly stringent regulation and international standards” on human rights, living income, and the environment – including the EU Deforestation Regulation (EUDR).

It “verifies field data in accordance with country of production laws and industry standards such as the European Cocoa Association and European Coffee Federation,” Meridia added.

The system uses “earth observation, ground-truthing and verified institutional reference datasets” for its verification process.

Verify is currently available for 35 origin countries involved in the production of cocoa, coffee, palm oil, soy, and rubber.

Founded in 2015, Meridia has a decade of “deep field, supply chain, and commodity experience with complex and smallholder-heavy field data.”

The company aims to start the beta testing of its new Verify portal as of 1 July with full commercial launch scheduled for September.