ING Sustainable Investments finances circular tech company Milgro
ING Sustainable Investments will provide €2 million in risk-bearing capital to Milgro, a leading ‘cleantech’ company in the field of nature capital management.
The company will use the investment to accelerate the growth of its technology platform, which helps businesses control and improve the way they use natural resources, thereby stimulating and accelerating a more circular economy.
Milgro, which has been growing strongly for years, has developed an interface platform that helps companies to control their waste streams, optimise recycling, reduce and prevent the waste of raw materials and better (re)use their overall nature capital.
The platform connects disposers of used raw materials with the receivers (i.e. waste processing and recycling companies). In this way, Milgro is providing the data infrastructure and intelligence to help create a more sustainable and circular economy. The growth financing provided to Milgro is part of a broader financing package.
Ruud Hageman, CEO Milgro: “We are very happy with this new step in our collaboration with ING. We see ING Sustainable Investments as a partner that can help us increase our impact in the coming years by accelerating our growth, scaling up our technology platform and expanding internationally. The core proposition of Milgro - profitable sustainability - also fits in flawlessly with the mission of ING Sustainable Investments.”
Mark Weustink, head of ING Sustainable Investments: “We believe that sustainable business is better business. That’s why we focus on companies that seek to assist and accelerate society’s shift to sustainability, creating a positive impact. In addition, it’s ING’s ambition to double our financing to companies and sectors that are contributing to keeping global warming below 2° C. This risk-bearing facility for Milgro fits perfectly with that strategy. The company has a unique, proven and successful model as well as an appealing customer base and profitable track record. We see plenty of opportunities for further international growth."
ING launched Sustainable Investments in 2018 with a €100 million commitment for sustainable ‘scale-ups’ that have a proven concept and make a positive environmental impact in areas such as the energy transition, circular economy and water supply or treatment. This is its third transaction after investing in solar panel manufacturer Exasun and tire recycling company Black Bear Carbon.