Sustainable wood pioneer Kebony raises €30m in funding round
Kebony, the environmentally-friendly wood modification technology company, today announces a successful €30m funding round led by Jolt Capital and Lightrock. Kebony’s vision is to reduce CO2 emissions and tropical deforestation using its patented wood modification techniques, which produce superior wood in an environmentally friendly way.
The key disruptive trends in the construction industry are expressed by the need for greener, safer and better products, as the standard construction materials concrete and steel are large emitters of CO2 globally. In addition, the current large market for tropical wood is set to be replaced by enhanced wood to protect bio-diversity and reduce tropical deforestation.
The Kebony technology permanently transforms sustainable wood species such as pine into Kebony wood with features that are comparable, and in some cases superior, to those of precious tropical hardwoods.
This unique environmentally friendly process is also an alternative to traditional wood treatment based on impregnation with wood preservatives.
Kebony’s €30m financing round is led by Jolt Capital and Lightrock, who will join longstanding Kebony shareholders such as Goran, MVP, FPIM, PMV and Investinor, of which the latter two will remain represented on the Board of Directors.
The capital injection will expand and accelerate Kebony’s growth initiatives in core markets in Europe and the US. The funding will enable Kebony to further penetrate a €3bn market, and leverage the underlying megatrends of producing sustainable materials for the residential and non-residential construction industries.
“Kebony produces the most beautiful and ecological wood on the market, with a superior quality that is both environmentally friendly and cost-effective. To further leverage opportunities within the enhanced wood technology industry, we are proud to announce Jolt Capital and Lightrock as new investors in Kebony,“ says Norman Willemsen, Chief Executive Officer of Kebony.
“At Jolt Capital we have a strong interest in material science companies which leverage their patented technologies to offer sustainable products. With over 20 years of R&D in woodtech and a well-proven process that gives cultivated soft woods the desirable properties of hard tropical ones, Kebony is one of them. We are thrilled to finance the expansion of their European production facilities to both support the strong market growth and offer an alternative to rainforests deforestation,” says Antoine Trannoy, Managing Partner at Jolt Capital.