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With the contribution of the Dutch Postcode Lottery, Stichting DOEN (the DOEN Foundation) launched at the Postcode Lottery Green Challenge 2016 the Postcode Lottery Green Challenge Fund. The former prize winners have good benefit with the prize money of the Postcode Lottery Green Challenge, but it often occurs that new funding is necessary to obtain further growth. Former finalists who have sufficient potency are eligible for further investment to enable further development. In addition to financial support, the DOEN Foundation also provides substantive added value by connecting the right parties in its network and therefore assisting these companies further.
During the Postcode Lottery Green Challenge in 2016, the Postcode Lottery Green Challenge Fund was launched. This Fund invests in promising winners and (former) finalists of the Green Challenge, in order for them to grow into successful companies that can really make a difference in the world. After the market entry additional capital is often needed to be able to scale up. The current venture capital available in the market focuses mainly on companies that are already beyond the start-up phase, simply because it is too high-risk for many investors.
The DOEN Foundation, also supporter of the winners of the Green Challenge, manages the fund.
The first investment from the Postcode Lottery Green Challenge Fund is in Ecovative, winner of the Postcode Lottery Green Challenge 2008. This company, based in New York, is literally growing the next generation of healthy, safe, sustainable materials using mushrooms. Ecovative is a pioneer of mycelium technology and world leading bio-materials company. The investment of 500.000 dollar from the Postcode Lottery Green Challenge Fund contributes to the introduction of a new product: MycoBoard™ panels, a biofabricated form of engineered wood being produced without the use of toxic glue.
More information about the Postcode Lottery Green Challenge Fund: www.doen.nl/greenchallengefund
The Postcode Lottery Green Challenge Fund now invests in three start-ups: Ecovative, Bio-bean and recently Land Life Company. Ecovative came up with a sustainable alternative for non-durable insolation and packaging materials and in this way contributes to solving climate issues. Bio-bean also has a positive impact on the climate by recycling waste from the coffee industry into biofuels that help make our energy supply more sustainable. Land Life Company developed a technique that makes it possible to restore nature in inoperable parts of the earth, such as deserts. By the use of a biodegradable incubator trees can grow in hot and arid regions. Through these investments the Postcode Lottery Green Challenge Fund promotes its vision: a greener society with less CO2 emissions.