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 today 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 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.
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.
About Lingrove
Lingrove’s mission is to create high performance, carbon-negative interiors to combat climate change. The company’s high-performance composite ekoa® can replace wood, plastics and even metal in most interior applications from walls and cabinetry to furniture and automotive finishes, offering a cost-effective, clean product that ensures healthy indoor air and commercial-grade quality.
About Lewis & Clark Agrifood
Lewis & Clark AgriFood is a St. Louis-based group of experienced investment professionals who are passionate about investing in companies that are at the forefront of food, agriculture, and biomaterials innovation. We look for companies that deliver benefits to the stakeholders in the food and agriculture sector, from the producer, through the supply chain, all the way to the consumer. We invest in companies that are at the growth stage of their evolution, poised to scale their technology to a national or global scale. As founders, operators, investors, and scientists, our seasoned investment team brings a breadth of quality sector experience to every investment.
About Diamond Edge Ventures
Diamond Edge Ventures was established in 2018 as the venture capital arm of Mitsubishi Chemical Group (MCG). The company aims to foster innovation across MCG Group companies through investment in and strategic partnerships with high-potential startups.
About Bunge Ventures
Bunge Ventures is the for-profit investment arm of Bunge, a leading global agribusiness, food, feed and ingredients company.
About SOSV
SOSV is a venture capital and investment management firm that provides seed, venture and growth stage funding to startup companies in the technology sector. The company’s focus is on accelerating startups via their market specific seed accelerator programs located in Europe, Asia and the USA. For further information visit https://sosv.com.
Contacts
Thomas Juarez
Tel.: (415) 671-8191
E-Mail: hello@lingrove.com
Source
Lingrove, press release, 2023-12-18.
Supplier
Bunge Limited
Diamond Edge Ventures
Lewis & Clark AgriFood
Lingrove US
SOSventures
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