Timber company Miro in Africa obtains backing from an impact investor
Miro Forestry & Timber Products Secures Major Funding for Sustainable Expansion
Miro Forestry & Timber Products, a West Africa-focused sustainable forestry and plywood manufacturing firm, has secured significant funding to bolster its expansion and sustainability efforts in Sierra Leone and Ghana. The investment round was led by impact investor Lagata, with support from development finance institutions like British International Investment, Finnfund, FMO, Mirova, and Aqua Ventures [1][4].
The equity raise provides critical capital to finance operations, working capital, and ongoing tree planting activities aligned with Miro's sustainable forestry and plywood manufacturing business plan. This investment will allow Miro to scale up plywood production in Sierra Leone and Ghana [2].
Key impacts of the funding include:
- Strategic alignment and expertise: Lagata brings strategic value aligned with Miro's long-term vision and has strong experience in West African forestry investments, enhancing Miro’s ability to scale sustainably [1][3].
- Financial stability amid market challenges: This funding was secured despite macroeconomic pressures and a downturn in plywood prices, showing investor confidence in Miro’s resilient business model and the growing demand for responsibly sourced timber [1].
- Support from existing development investors: Continued participation from shareholders like British International Investment, Finnfund, FMO, and Mirova demonstrates strong backing from development finance institutions focused on impact and commercial potential [1][4].
- Sustainability and local impact: The investment enables Miro’s vertically integrated model—combining certified sustainable forestry, local job creation (employing over 4,000 people), and advanced manufacturing—to supply ethical and long-term timber products to global markets [1][4].
Lagata has become Miro's largest shareholder as a result of the investment round. Miro's products, including plywood, poles, and sawn timber, are Forestry Stewardship Council-certified, ensuring they are sourced responsibly [3].
The investment will not only support Miro's growth but also contribute to the region's development, as the company is estimated to have established more new forest area on previously degraded land in Africa than any other company, planting over 20 million trees [5].
Moreover, Miro's products are exported to Europe, the Middle East, and elsewhere, demonstrating the global demand for sustainable timber products [6].
In addition to the investment in Miro, APG has allocated €560m in Octopus Australia's renewables platform, and British International Investment has allocated $50m to boost Vietnam's green transition [7]. Mirova's second sustainable land fund, which invests in Africa, Latin America, and Asia, is on track to reach its target size of €350m by the end of 2025 [8].
In summary, the funding from Lagata and other investors strengthens Miro's capacity to expand operations sustainably in Sierra Leone and Ghana while reinforcing its role as a key provider of responsibly sourced timber products in West Africa [1][3][4].
- The investment in Miro Forestry & Timber Products, led by impact investor Lagata, will not only support the company's expansion in Sierra Leone and Ghana but also contribute to the energy transition by providing ethical and long-term timber products sourced responsibly.
- Lagata's role as Miro's largest shareholder signifies a personal-finance opportunity for investors seeking to make an impact in the development finance sector, as Miro's products are Forestry Stewardship Council-certified and exported globally.
- As part of the investment, Miro will continue to prioritize social impact by employing over 4,000 people and establishing more new forest area on previously degraded land in Africa, contributing to the region's sustainable development.
- The partnership between Miro and Lagata, alongside development finance institutions like British International Investment, Finnfund, FMO, Mirova, and Aqua Ventures, demonstrates the general-news trend of businesses, technology, and finance collaborating to drive the energy transition and promote a greener and more sustainable lifestyle.
- The success of Miro's business model, which combines certified sustainable forestry, local job creation, and advanced manufacturing, has captured the attention of additional investors, such as APG and Mirova, who have shown interest in supporting similar renewable energy projects in other regions, like Australia and Vietnam.
