Timber company Miro, based in Africa, receives backing from socially responsible investors
Miro Forestry & Timber Products, a leading West Africa-focused sustainable forestry and plywood manufacturing firm, has announced a significant investment round. This round was led by impact investor Lagata, a specialist forestry investor in sub-Saharan Africa, with further support from British International Investment, FMO, Finnfund, Mirova, and Aqua Ventures [1][3][4].
Following this investment, Lagata has become Miro's largest shareholder, strengthening strategic alignment with Miro's long-term vision [1][4]. The funding will enable Miro to expand plywood production in Sierra Leone and Ghana, where it employs over 4,000 people. Its Forestry Stewardship Council-certified products, including plywood, poles, and sawn timber, are exported to Europe, the Middle East, and other markets [1][3].
Despite current industry challenges such as macroeconomic pressures and a prolonged plywood price slump, the investment signals continued confidence in Miro's sustainable forestry strategy, commercial potential, and regional development impact [1][3]. Miro aims to continue scaling its vertically integrated operations to become a global leader in sustainable plywood manufacturing [3].
In addition to this, Miro has estimated that it has established more new forest area on previously degraded land in Africa than any other company, planting over 20 million trees [2]. The company's operations also generate some 200,000 tonnes worth of carbon credits a year from its existing plantations [2].
Berend Jan Kingma, Miro's CEO, expressed his excitement about the investment, stating that Lagata is a "natural partner for the next phase of Miro's growth" [1]. With this fresh capital injection, Miro is in a growth phase, poised to increase sustainable timber product output and maintain its significant regional employment and export roles [1][3][4].
Sources: [1] Miro Forestry & Timber Products Press Release, [Date] [2] Miro Forestry & Timber Products Website, [Accessed: YYYY-MM-DD] [3] BusinessGreen Article, [Author's Name], [Date] [4] Forest Business Network Article, [Author's Name], [Date]
- The significant investment round led by impact investor Lagata indicates a growing interest in social impact through development finance, as they become Miro's largest shareholder, aligning with Miro's long-term vision.
- With this investment, Miro is poised to scale its business operations, using affordable housing and technology to expand plywood production in Sierra Leone and Ghana.
- The advancement of Miro's sustainable forestry strategy could potentially lead to increased private equity investments in similar businesses, given the continued confidence in their commercial potential and regional development impact.
- Miro's focus on sustainable forestry not only generates employment but also plays a crucial role in environmental conservation efforts, such as reforestation and carbon capture—establishing more new forest area on previously degraded land and generating 200,000 tonnes worth of carbon credits annually.
