Lingrove Secures $10 Million Funding to Advance Production of Carbon-Negative Composite Material
Lingrove, a San Rafael-based innovator in composite materials, has successfully raised $10 million in a recent funding round, spearheaded by Lewis & Clark Agrifood and Diamond Edge Ventures. Additional support from Bunge Ventures and SOSV positions the company to reshape the construction industry with its groundbreaking product, ekoa®.
Under the leadership of CEO Joseph Luttwak, Lingrove stands at the forefront of developing a carbon-negative alternative to conventional construction materials. Ekoa®, the company’s composite material, is a natural, durable, and carbon-negative solution poised to replace wood, plastics, and metal in various interior applications, from walls and cabinetry to furniture and automotive finishes.
Series B Funding Boosts Production
The oversubscribed Series B round, led by Lewis & Clark Agrifood and Diamond Edge Ventures, with participation from Bunge Ventures and SOSV, will propel Lingrove to significantly expand the production of ekoa®. Lingrove’s mission is to reinvent and decarbonize the trillion-dollar renovation and new construction materials market, providing high-performance and environmentally friendly interiors.
Suhas Narayanaswamy, Principal of Lewis & Clark AgriFood, expressed optimism about the growth of sustainable materials and products meeting market performance requirements, stating that Lingrove is poised to be a category-defining company transitioning to a circular economy.
Made from carbon-negative plant fibers, ekoa® has the potential to sequester billions of tons of CO2 annually. Lingrove aims to combat climate change and contribute to a healthier planet by replacing plastics, metals, and wood with this renewable-sourced product. With millions in pre-orders secured and applications in various sectors, including wall and cabinetry installations and automotive materials testing, ekoa® is gaining significant interest.
Lingrove’s commitment to sustainability and innovation is evident in its production of ekoa®. With the recent funding injection, the company is set to impact the construction industry significantly, providing a cost-effective, clean alternative for interior applications. Lingrove’s ekoa® represents a step towards a more sustainable future, addressing climate change by using fast-growing plants to create functional and eco-friendly interiors.
Curtis Schickner, President of Diamond Edge Ventures, expressed excitement about co-leading this round and continuing the partnership with Lingrove, a company reinventing building materials with their ekoa® surfaces and panels.
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