Norwegian Kebony has announced a new €30 million funding round, bringing total capital invested to over €50 million. This latest round was led by Jolt Capital and Lightrock, who join existing investors including Goran, MVP, FPIM, PMV, and Investinor.
Since its inception in 1997, Kebony’s mission has been simple: reduce CO2 emissions alongside the deforestation of tropical hardwoods. Rising global megatrends of producing sustainable residential and non-residential building materials in the construction industry, Kebony is banking on a market estimated to be worth around €3 billion.
The new funding will be used to expand and accelerate the company’s growth in key markets in Europe and the US.
Thomas Vanholme (CFO) 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 most certainly boost investor confidence.
“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,” added Lightrock’s Kevin Bone.