The 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.
From its production facilities located in Skien, Norway and Flanders, Belgium, Kebony redefines standards in the timber industry and new possibilities for wood as a sustainable construction material. Developed in Norway, Kebony is an environmentally friendly, patented process that enhances the properties of sustainable softwood with a bio-based liquid. The process permanently modifies the wood cell walls, giving Kebony premium hardwood characteristics and a rich brown colour throughout in two basic steps. Kebony intends to use the net proceeds from the private placement to expand and accelerate growth initiatives in core markets in Europe and the US. The funding will enable Kebony to further penetrate a EUR 3 billion market, and leverage the underlying megatrends of producing sustainable materials for the residential and non-residential construction industries.
Carnegie congratulates CEO Norman Willemsen, CFO Thomas Vanholme, the existing and new shareholders and rest of the Kebony team with the transaction and looks forward to continuing supporting Kebony going forward.