Timber company Miro in Africa secures backing from impact investor
Miro Forestry & Timber Products Scales Up Sustainable Plywood Production
Miro Forestry & Timber Products, a UK-based sustainable forestry and plywood manufacturing company, has announced a significant boost to its operations in Sierra Leone and Ghana. The company, which focuses on commercial forestry on degraded lands, has completed a major investment round led by the impact investor Lagata [1][5].
The investment round, which also includes development finance institutions (DFIs) such as British International Investment (BII), FMO, and Finnfund, as well as investment firms Mirova and Aqua Ventures, will enable Miro to scale up plywood production capacities in both countries [1][4]. This expansion is aimed at meeting export demands and strengthening operations that already employ over 4,000 people [1][4].
Historically, these DFIs have been involved with Miro for over a decade, with Finnfund and BII providing equity and mezzanine debt financing since 2014-2015. By the end of 2023, Miro had cumulatively raised around $165 million to fund its growth [1].
Miro's forestry operations focus on reforesting and managing degraded lands sustainably, contributing to environmental restoration and sustainable timber supply in West Africa [2]. The company's products, including FSC-certified hardwood products such as plywood, poles, and sawn timber, are exported to Europe, the Middle East, and other markets [1][2][3].
The investment in Miro signals strong investor confidence in the company's strategy and impact model, even during a challenging period for the timber industry marked by macroeconomic pressures and plywood price downturns [1].
The fresh funding specifically aims to expand plywood production output for export, indicating a scaling-up of manufacturing facilities and plantation management in the two countries [1][5]. The involvement of Lagata and DFIs suggests a strategic push to deepen Miro's sustainable forestry footprint and broaden its market reach, especially in Europe and Middle East export markets where it already sells products [1][2].
Meanwhile, Mirova, a global asset manager focused on sustainable investing, is on track to reach the target size of €350m for its second sustainable land fund by the end of 2025. This fund invests in Africa, Latin America, and Asia, reflecting the growing interest of impact investors in the developing world's forestry sector [6].
A recent study found that UK pension funds often overlook impact reports in their investment decisions [7]. However, with investments like the one in Miro, it is clear that there is a growing recognition of the importance of sustainable and impactful investing in the forestry sector.
References:
[1] Miro Forestry & Timber Products. (2025). Press Release: Miro Forestry & Timber Products Secures €92m First Close of Impact Fund. [2] Miro Forestry & Timber Products. (n.d.). About Us. [3] Miro Forestry & Timber Products. (n.d.). Our Products. [4] British International Investment. (2023). Press Release: British International Investment Invests in Miro Forestry & Timber Products. [5] Finnfund. (2023). Press Release: Finnfund Invests in Miro Forestry & Timber Products. [6] Mirova. (2025). Press Release: Mirova's Second Sustainable Land Fund Aims to Raise €350m by End of 2025. [7] The Guardian. (2022). UK Pension Funds Overlook Impact Reports, Study Finds.
- The investment round, led by impact investor Lagata, includes development finance institutions (DFIs) such as British International Investment (BII), FMO, and Finnfund, and it aims to scale up plywood production capacities for Miro Forestry & Timber Products in Sierra Leone and Ghana.
- Mirova, a global asset manager focused on sustainable investing, is on track to reach the target size of €350m for its second sustainable land fund by the end of 2025, and this fund invests in Africa, Latin America, and Asia, reflecting the growing interest of impact investors in the developing world's forestry sector.
- Despite the challenging period for the timber industry, Miro Forestry & Timber Products' investment strategy and impact model have earned strong investor confidence, as indicated by the recent investment round led by Lagata and DFIs.
- The fresh funding will contribute to expanding plywood production output for export, which signifies a scaling-up of manufacturing facilities and plantation management in the two countries.
- Given the growing importance of sustainable and impactful investing in the forestry sector, it is notable that UK pension funds may be missing opportunities to consider impact reports in their investment decisions.
