Kebony, a producer of environmentally friendly modified wood, has announced that they have successfully received €30 million funding led by John Capital and Lightrock.
Kebony’s vision is to reduce CO2 emissions and tropical deforestation using its patented wood modification techniques, which the company claims produces superior wood in an environmentally friendly way. Their technology permanently transforms wood species such as Pine into Kebony wood with features that are comparable, if not superior, to those of tropical hardwoods. The environmentally friendly modification is, according to the company, a better alternative than traditional wood treatment based on impregnation with wood preservatives.
The funding and capital injection will accelerate Kebony’s growth initiatives in the core markets in Europe and the US. The funding will enable Kebony to further penetrate a €3 billion market, and leverage the underlying megatrends of producing sustainable materials for the residential and non-residential construction industries.
Norman Willemsen, CEO of Kebony, said, “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.”
Antoine Trannoy, managing partner at John Capital, also elaborated that the investment firm has a strong interest in material science companies which leverage their patented technologies to offer sustainable products. “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.”
Source: Woodworking Network