BARCELONA, Friday 8th July 2022 –
011h, the new-generation building platform, has successfully raised €25m in Series A funding. The round was led by Redalpine, accompanied by Seaya Andromeda and Breega, with the participation of Aldea Ventures among others. Previous investors are also joining the round, including Giuseppe Zocco, Foundamental and A/O Proptech, which accelerates 011h’s ambition to create a sustainably-built world.
The funding will be used to further develop 011h’s digital platform and building system, as well as grow its team and strengthen its network of partners. Initially, 011h will focus on projects in its home market of Spain. It will then pursue its goal of becoming a leading building platform in Europe, and ultimately an open platform with global reach.
Lucas Carné , Co-Founder and Co-CEO of 011h, says “If urban growth continues at its current pace around the world, then construction the size of New York City would occur every month for the next 40 years. This is unsustainable – the built environment is highly unproductive and is a massive generator of CO2 emissions – and this is what we are on a mission to change. This funding means we can continue to transform the construction sector.”
Currently, the building process uses artisan methods based on manual labor, which is becoming increasingly scarce; and uses unsustainable materials like concrete and steel. The consequence is that residential construction has become expensive, unreliable, and difficult to scale. This is important: the built environment is at the center of the climate crisis — buildings are responsible for around 40% of global CO2e emissions.
011h changes this by standardizing and digitalizing the building process to make it repeatable and scalable, while incorporating sustainable and circular principles and materials – like mass timber – and preserving design flexibility. This enables architects, general contractors, real estate developers and investors to design, build and manage better-quality net-zero buildings in a faster, more reliable and cost efficient way.
011h has successfully delivered a major project with Renta Corporación, a publicly-traded developer. The embodied carbon of the building was reduced by more than 90% compared to conventional methods and, additionally, construction timelines have been reduced by 35%. This has clearly impressed residential developers in Spain, as three major projects have been booked to start in the coming months.
The company’s superpower in making this happen is the digital DNA of its founding team, which comprises tech serial senior entrepreneurs that have led some of Europe’s most successful digital ventures, including Privalia, Lyst and SocialPoint.
Harald Nieder, General Partner of Redalpine, says “At Redalpine, we believe that there are massive opportunities around sustainability. In fact, the opportunities are such that we are not looking for marginal improvements of the status quo. We are looking for teams that are aiming to have a real impact, worthy of the global challenges we are facing. Construction is both one of the most unsustainable industries and one of the least digital and the 011h vision is exactly what we were looking to support. With a super strong track record and digital expertise, the team is rethinking the construction industry from the ground up, implementing efficient and scalable building processes, end-to-end across a highly data-driven and sustainable supply chain. We are incredibly excited to be on this journey together.”
Patric Hellermann, General Partner of Foundamental, says, “Since Day 0, we have been impressed with the team’s drive to change the construction industry, and we are excited to continue partnering with 011h to build the leading multi-family construction platform in Europe. The ongoing EU plans to decarbonize Europe’s building stock – while ambitious – require technology to achieve our ambitions. 011h will spearhead that decarbonization, precisely because it is becoming a truly scalable net-zero building platform.”
Beatriz Gonzalez, Founding Partner of Seaya, says, “This investment reinforces Seaya Andromeda’s commitment to addressing the global sustainability challenges through technology, and our continued support to outstanding and mission-driven founders that target long-term, sustainable growth.”
Ben Marrel, Co-founder and CEO at Breega concludes: “With their outstanding innovation, drive and commitment to the future of our planet, the 011h team are pioneers helping to rebuild the construction industry. Transforming traditional practices and encouraging industry actors to join them in paving the way to a more efficient, greener, and more sustainable future. Breega is very proud to be backing 011h in this landmark series A round.”
011h is a new-generation building platform with a mission to accelerate the transition to a sustainable built environment. The company will contribute to mitigate two of humanity’s most pressing challenges: climate change and shortage of affordable living. Process industrialization and the use of sustainable and circular principles and materials will drive this transformation, enabling net zero buildings, in shorter and reliable timescales, cost competitive and at a scale. 011h relies on its super-power to make it happen: digital technology.
Redalpine is a leading European venture capital investor based in Switzerland. The fund has more than CHF 1bn Assets under Management and a sector-agnostic investment strategy. Redalpine supports its 80+ portfolio companies not only with financial investments but also with its in-house operational and subject matter expertise and an extensive international network. Redalpine’s ambition is to help talented entrepreneurs turn their visions into reality and scale their businesses into international success stories. The fund has a long-standing history of investing in the most promising entrepreneurs with disruptive ideas, with investments such as N26, Taxfix, Inkitt and Vivenu. Most recently, Redalpine has been investing primarily in companies committed to making a positive impact on the environment, among them Mushlabs and Enviria. Redalpine’s portfolio companies have created more than 10,000 jobs and raised almost CHF 3bn in funding thus far.
About Seaya Andromeda
Seaya Andromeda is a €300 million Article 9 sustainability-focused Venture Capital fund. Andromeda’s mission is to address the global sustainability challenges by delivering profits with purpose through investments in technology-driven companies focusing on GreenTech, Circular Economy, AgriTech & Sustainable Food Value Chain and Decarbonization Data Enablers.
Seaya Andromeda is part of the Seaya platform, a leading European and Latin American Venture Capital firm managing five early-stage venture funds with offices in Madrid and Mexico City. Seaya invests in exceptional entrepreneurs who are building global technology companies including Glovo, Cabify, Wallbox (NYSE:WBX), Spotahome, Clarity AI, Clicars, Alma and RatedPower.
Breega propels pioneering and purpose-driven founders from idea into impact. We closed our first fund in 2015 and now have €500m AUM and 70 trailblazing portfolio companies. Crafted for founders by founders, we built Breega to provide start-ups with the help we wish we’d had. And we’ve created an investment proposition that’s purposefully designed. We call it full stack funding: providing capital and connections, expertise and experience, support and solidarity for entrepreneurs at every step of their journey. We invest across Europe and internationally, focusing on pre-seed to Series B stage.
Foundamental (https://www.foundamental.com) is the largest global investor in ConstructionTech and architecture, engineering and design technology. Foundamental backs ambitious, early stage founders across the Americas, Asia-Pacific and Europe and is an early investor in several category leaders in construction-technology and design-technology, including Infra.Market, Tul, Speckle, Welcome Homes, Juno, Mighty Buildings and Wiz.
About A/O Proptech
A/O PropTech, founded in early 2019 by one of the leading and highly successful proptech venture capitalists Gregory Dewerpe, is Europe’s largest proptech venture capital firm focused on category-leading investments driving disruption in real estate and positively impacting the entire build world ecosystem. A/O has rare strategic access to a diverse portfolio of $40 billion in real estate assets and is backed by some of the largest and most forward-thinking real estate owners, operators and family offices in Europe who share A/O’s vision and commitment to improving quality of life, accelerating sustainable living, and enabling decarbonization of the largest asset class in the world.