22. Jan 2024
Lingrove Secures USD 10 Million In Financing to Ramp Up Production of ekoa
Lingrove (San Rafael, California), a pioneer in composite materials that uses patented technology to transform fast-growing plants into surfaces and panels for the built environment and beyond, recently 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.
Made from carbon-negative plant fibres, high-performance ekoa can sequester billions of tonnes of CO2 per year by replacing plastics, metals, and wood with a renewable-sourced product. Lingrove aims to reinvent and defossilise 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.
Lingrove’s CEO Joe Luttwak said, “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”.
“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”, commented Curtis Schickner, President of Diamond Edge Ventures.
Suhas Narayanaswamy, Principal of Lewis & Clark AgriFood added, “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. AT
https://lingrove.com