Lingrove Raises $10M for Eco-Friendly Panels
Lingrove, a leader in eco-friendly composite materials, has successfully raised $10 million in Series B funding. The round was led by Lewis & Clark AgriFood and Diamond Edge Ventures, with contributions from Bunge Ventures and SOSV. This investment will boost the production of Lingrove’s ekoa®, a plant-based, carbon-negative alternative to traditional construction materials.
Joe Luttwak, CEO of Lingrove, expressed excitement about the support from a “dream investor syndicate” that aligns with their vision for an industrial revolution driven 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,” Luttwak stated.
Carbon-negative plant fibers craft Ekoa®, offering a sustainable option to isolate billions of tons of CO2 annually. This innovative product aims to revolutionize the renovation and new construction materials market, focusing on healthy, attractive, and climate-friendly interiors.
The production of ekoa® happens in-house in late 2023. Lingrove has already received significant pre-orders. The clients see use cases in the wall and cabinetry applications and advanced material testing for the automotive industry.
Curtis Schickner, President of Diamond Edge Ventures, shared his enthusiasm for continuing the partnership with Lingrove. “We look for companies with potential positive environmental, financial, and strategic returns, and Lingrove is a perfect fit for our mission,” he said.
Suhas Narayanaswamy, Principal at Lewis & Clark AgriFood, echoed this sentiment, highlighting the growth potential of sustainable materials that meet market demands 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,” Narayanaswamy added.
Despite fundraising challenges, Lingrove’s strategic financing marks a significant step towards a future driven by sustainable, fast-growing plants, beginning with transforming interiors into high-performance and environmentally friendly spaces.
