Lingrove has announced the successful completion of an oversubscribed Series B funding round. The financing was led by Lewis & Clark Agrifood and Diamond Edge Ventures, with additional participation from Bunge Ventures and SOSV. The funds raised will enable Lingrove to significantly increase production of their innovative product, ekoa – a natural, durable, and carbon-negative alternative to conventional construction materials.
ekoas’s key advantage lies in its composition of carbon-negative plant fibers, which have the potential to sequester billions of tons of CO2 annually by replacing plastics, metals, and wood with a renewable resource. Lingrove’s vision is to reshape and decarbonize the trillion-dollar market for renovation and new construction materials, offering interiors that are not only aesthetically pleasing but also environmentally friendly.
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.
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.”
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.”
