Durham startup that wants to use hemp to build homes raises $13M

Investors are taking a big bet on a Durham startup that trades wood for hemp in home construction.  

Plantd has closed on nearly $13.6 million in capital from 31 investors, according to a securities filing dated Jan. 11. The raise was a mixture of equity and debt and included shares of Series A Convertible Preferred Stock, according to the filing.

CEO Josh Dorfman did not return a request to comment on the raise.

Plantd utilizes hemp for building materials. According to its website, the goal is to address climate change.

“We see a world built from grass,” the website reads. “A world where buildings no longer cause climate change but are central to the solution.”

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Plantd

The idea started at Simbly, a furniture manufacturing startup Dorfman cofounded in Asheville in 2019 that used sustainable materials and processes. Dorfman had trouble sourcing premium plywood cheaply and decided there must be a better, more sustainable option.

So he teamed up with another entrepreneur, Huade Tan, who had been developing sustainable climbing hardware. The pair combined forces with Plantd, opening a prototype lab in Durham in 2021.

The first product was OSB – oriented strand board – typically used for subfloors, walls and roofs in new homes. Dorfman said in 2021 that the plan was to come to market in 2023.