Saving tropical hardwoods one tree at a time, Norway’s Kebony raises €30 million

Oslo-based Kebony has raised €30 million in a new venture round, bringing its total capital to approximately €52 million. The company uses an environmentally friendly wood modification process whereby softwoods such as pine are converted into woods the revival, and in some cases are superior to, tropical hardwoods such as mahogany, rosewood, teak, and cocobolo. The new funding will be used to expand and accelerate the company’s growth in key markets in Europe and the US.

Founded in 1997, Kebony’s mission is simple: reduce CO2 emissions alongside the drastic deforestation of tropical hardwoods. In line with global megatrends of producing sustainable residential and non-residential building materials in the construction industry, Kebony is tapping into a €3 billion market.

And it’s just a lot of talk, as the company’s CFO Thomas Vanholme reports a revenue growth of 23% year-over-year in 2021 with a, “strong positive EBITDA,” and 2020 recording a 26% year-over-year rate. Numbers that would make any investor happy.

Kebony’s €30 million round was led by Jolt Capital and Lightrock, who join existing Kebony investors including Goran, MVP, FPIM, PMV, and Investinor.

“Kebony is perfectly positioned in the race for a decarbonized world with an ambition to be the leader within wood modification technologies. We look forward to supporting the company to implement its growth strategy and to leverage the significant operational scalability and continue the profitable growth journey,” commented Lightrock’s Kevin Bone.