UK-based Miro plants trees on degraded lands in Ghana and Sierra Leone. Its commercial forests span nearly 49,000 acres and produce sustainable timber products such as plywood and utility poles for West Africa and global markets.
The company received an undisclosed amount of funding, led by London-based Lagata, which backs sustainable agriculture and forestry ventures. Existing investors including British International Investment, FMO, Finnfund, French impact investor Mirova and a UK-based family office topped up their previous investments. BII has backed Miro since 2015, “when commercial capital for such an ambitious and unproven venture was not available,” it said. FMO had invested $30 million in the third Africa Forestry Fund earlier this year, to provide equity for forest management ventures.
The fresh funding will support Miro’s entry into new markets and expand its vertically integrated operations from seedling production to timber processing.
Local impact
Miro employs nearly 4,000 people for its operations, with manual harvesting being done in Sierra Leone. Its “outgrower” program equips smallholder farmers with tools and inputs for agroforestry. The company says it has planted over 20 million trees since its launch in 2010.
In addition to selling Forest Stewardship Council-certified timber products, it generates over 200,000 tons of carbon credits annually. It also partnered with renewable energy assets developer CrossBoundary Energy in 2022, to set up solar energy and battery storage systems in its Sierra Leone plant.
