Lingrove, a trailblazer in composite materials, has just announced the successful completion of an oversubscribed Series B round of funding. This round was led by Lewis & Clark Agrifood and Diamond Edge Ventures, with additional support from Bunge Ventures and SOSV. This funding will allow Lingrove to increase production of ekoa®, a natural, durable, and carbon-negative alternative to traditional construction materials.
Crafted from carbon-negative plant fibres, ekoa® is a high-performance material capable of absorbing billions of tons of CO2 annually. This is achieved by replacing plastics, metals, and wood with a renewable-sourced alternative. Lingrove's goal is to revolutionize and reduce the carbon footprint of the trillion-dollar market for renovation and new construction materials, creating interiors that are not only aesthetically pleasing but also environmentally friendly. Lingrove commenced in-house manufacturing of ekoa® surfaces in late 2023 and has already secured millions in pre-orders for ekoa®. Its eco-veneers are presently being utilized in wall and cabinetry applications, and it is undergoing advanced materials testing for the automotive sector.
Lingrove's CEO, Joe Luttwak, expressed excitement about the support from an investor syndicate with global expertise in bio-feedstocks, composites, and manufacturing. The syndicate shares Lingrove's vision of an industrial revolution fueled by fast-growing plants and aims to make ekoa® accessible to all, improving indoor air quality and the planet's health.
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.Curtis Schickner, President of Diamond Edge Ventures
Lingrove's ekoa® offers a groundbreaking solution for architects, designers, builders, and manufacturers: creating high-performing and environmentally friendly interiors for the first time. Despite a challenging fundraising landscape, Lingrove has successfully secured strategic financing to cultivate a brighter future through rapidly growing plants, beginning with creating healthy and beautiful interiors.
Suhas Narayanaswamy, Principal of Lewis & Clark AgriFood, expressed strong confidence in the potential of sustainable materials and products that meet market demands for high performance and competitive pricing:
We co-led this round because Lingrove is poised to be a category-defining company in the transition to a circular economy.We co-led this round because Lingrove is poised to be a category-defining company in the transition to a circular economy.
Lingrove aims to produce top-notch, carbon-negative interiors to solve climate change. Their advanced composite ekoa® can replace wood, plastics, and even metal in most interior uses, like walls, cabinetry, furniture, and automotive finishes. It's a cost-effective, eco-friendly option that ensures clean indoor air and top-notch quality for commercial purposes.