Lingrove secures $10m financing to ramp up production of ekoa, a plant-based surfaces and panels for climate-friendly interiors

Lingrove secures $10m financing to ramp up production of ekoa, a plant-based surfaces and panels for climate-friendly interiors

Published: 18-12-2023 08:51:00 | By: Pie Kamau | hits: 2687 | Tags:

Lingrove, a pioneer in composite materials that uses patented technology to transform fast-growing plants into surfaces and panels for the built environment and beyond, announced an oversubscribed Series B round of funding led by Lewis & Clark Agrifood and Diamond Edge Ventures, with participation from Bunge Ventures and SOSV. The funding enables Lingrove to ramp up production of ekoa, a natural, durable, and carbon-negative alternative to conventional materials used in construction.

Joe Luttwak, CEO, Lingrove: ''We are thrilled to have the support of a dream investor syndicate, which brings global expertise in bio-feedstocks, composites, and manufacturing, and shares our vision of a new industrial revolution powered by fast-growing plants. The journey won’t be easy, but together, we can improve indoor air quality and the health of the planet by making ekoa accessible to all.''

Made from carbon-negative plant fibers, high-performance ekoa can sequester billions of tons of CO2 per year by replacing plastics, metals, and wood with a renewable-sourced product. Lingrove aims to reinvent and decarbonize the trillion-dollar renovation and new construction materials market, making interiors healthy, beautiful, and climate-friendly. Lingrove, which launched inhouse manufacturing of ekoa surfaces in late 2023, has secured millions in ekoa pre-orders. Its eco-veneers are currently being used in wall and cabinetry applications, as well as advanced materials testing for the automotive sector.

Curtis Schickner, President, Diamond Edge Ventures: ''We are excited to co-lead this round and continue our partnership with Lingrove, a company reinventing building materials with their ekoa surfaces and panels. We look for companies with potential positive environmental, financial, and strategic returns, and Lingrove is a perfect fit for our mission.''

Suhas Narayanaswamy, Principal, Lewis & Clark AgriFood: ''We are very optimistic in the growth of sustainable materials and products that meet the high-performance requirements of the market and are competitively priced. We co-led this round because Lingrove is poised to be a category-defining company in the transition to a circular economy.''

Lingrove’s ekoa is a pioneering solution for architects, designers, builders, and manufacturers: interiors that are both high-performance and environmentally friendly for the first time. Despite a challenging fundraising environment, Lingrove successfully secured strategic financing to foster a better future through fast-growing plants, starting with healthy and beautiful interiors.