- Lucas Carné and José Manuel Villanueva lead the founding team, which includes Juan Velayos.
- The founders have contributed €2M and the seed round of €8M has been led by top-level international investors.
- The first project will be a residential building in Barcelona province, which will start in March 2021.
- The firm uses technology to design and build sustainable, healthy and affordable residential buildings.
- 011h is a pioneer in Spain in the field of constructech, an international trend in which technology and digitalisation combine with construction.
Barcelona, 11 December 2020.- 011h is a new-generation construction company founded with the objective of using technology to create quality, affordable residential buildings based around criteria of health and sustainability. The project is led by a group of entrepreneurs with considerable experience and a recognised profile in technology, most notably Lucas Carné and José Manuel Villanueva, founders of Privalia. The team of founders is joined by: Josep Barberá, Privalia and Mango; Alex Valls, Social Point and Exoticca; and José Ojeda, GFG and Lyst. This team is completed by Juan Velayos, previously CEO of Renta Corporación and of Neinor, who will also form part of the board. The company has a team of more than 20 professionals with digital and design profiles (architects and engineers) and supply chain, manufacturing and construction specialists, among others.
The company will focus on the construction of smart buildings, equipped with all of the technology necessary to make life more comfortable for residents, owners and build-to-rent operators. This focus will also enable them to reduce operating and maintenance costs, thus improving the profitability of their investments.
The company already has three projects in progress, with construction planned from March 2021. The company will initially only operate in Spain although it is expected to grow in Europe in the medium term.
Entry of leading international investors
011h is an ambitious and transformative undertaking, launched with an initial investment of 2 million euros from its founders. At the end of 2020, 011h closed a seed round of 8 million euros, backed by European venture capital funds specialising in proptech and constructech, such as Foundamental and A/O Proptech, as well as by the founder of IndexVentures, Giuseppe Zocco, among other investors.
Patric Hellermann, Founding Partner of Foundamental, said “we are attracted by the founders, who are responding to the main problems of construction through an end-to-end service model based on a platform that integrates technology and suppliers in a sustainable supply chain. 011h brings together one of the best founding teams in the construtech sector in the world, and we are proud to be part of its story.”
For his part, Gregory Dewerpe, founder of A/O Proptech said, “we are very excited to support the 011h team as they set out solve two fundamental challenges that currently affect the construction sector: efficiency and sustainability. 011h has the potential to mark the start of a new era for the industry”.
The success of the funding round, significantly above what it normal for a seed round in Spain, underlines the enormous opportunity to transform an economic sector that is one of the most important at a global level and has great potential for innovation. The important financial backing achieved by the company also strengthens its financial health and demonstrates the solidity of the project with a view to the launch of its activity and forthcoming growth.
Lucas Carné, co-founder and co-CEO of 011h, made a very positive assessment: “There is a common denominator in all of the investors who have placed their trust in us; they are socially responsible innovators and they share our vision when it comes to seeing 011h as the best opportunity to revolutionise a sector that they know very well.”
Industrialisation and digitalisation.
Created in mid-2020, the company has an integrated vision of its activity, industrialising and digitising all of the construction value chain. The approach of 011h ranges from architecture and engineering, to supply, manufacture, construction and digital support for optimal operation and maintenance of properties.
To do this, 011h has integrated a network of partners – material and industrial suppliers, architects, software/BIM engineers, construction companies, etc. – with great experience and reputation. This network, based on a transparent, collaborative and efficient relational model, will make it possible to offer an end-to-end construction service.
José Manuel Villanueva, co-founder and co-CEO of 011h, has said that “the company is centred on people and values based on transparency, honesty and sustainability, essential elements that determine a new model of relationship with stakeholders.”
One of the keys to the business model of 011h is that the company focusses on designing and creating components of buildings in factories to achieve a better end quality and improve the productivity throughout the whole of the construction process. After this, the different elements are sent to the site where they are simply assembled, reducing loss and errors and also helping mitigate job precarity and accidents at work.
José Manuel Villanueva notes that “the success of the company will be in achieving a radical transformation in construction as we know it at present, moving towards a more industrial, cooperative, efficient, transparent, sustainable and technological sector”. Villanueva adds that “the transformation of the sector will also help provide quality housing at affordable prices”.
For all of these reasons, the value proposition of 011h provides its clients with a differential value, both from the perspective of the quality of the design of the buildings and by reducing timelines and costs as well as providing absolute certainty in compliance with milestones and quality control all through the construction process. Juan Velayos, for his part, has said that “construction is the only industrial activity where productivity has not improved over the last thirty years, while the rest have more than doubled it. The reason is that technology and innovation have still not reached the sector. This is why 011h is a pioneering project in Spain in the implementation of a global trend: constructech.”
Sustainability and health
Construction is directly and indirectly responsible for more than 30% of CO2 emissions. 011h aims to contribute to sustainable development of cities and reversing climate change through construction with a neutral carbon footprint over the whole of its life cycle. To do this, it will use certified technological wood as its main building material and it will use passive design criteria with renewable primary energy installations.
The company also places great importance on the health and well-being of people, using the latest systems for renewing indoor air and, as well as wood with its biophilic effect, other toxin-free materials. Its homes will also enjoy high levels of thermal, acoustic and lighting comfort.
In addition, following environmental, social and business governance criteria in its activity helps provide added value to institutional and impact capital that backs build to rent and to the end user. End users are ever more demanding with regards to sustainability and are increasingly aware of the impact of housing on their health and comfort.
The name: 011h.
The new company’s name is in itself a statement of intentions of the disruptive aim of the project. 011h uses numbers instead of letters as it intends to break with the industry’s numbers: costs, timescales and CO2 emissions. Similarly, the 0 and the 1 represent the digitalisation of the sector. Also, 011 are the first three figures in the Fibonacci sequence, which appears in shapes in nature such as the branches of trees and is a source of inspiration in architecture and design. This is a sequence where each figure in the series is the sum of the previous two: like each 011h building, which will improve based on lessons learned from previous ones. For its part, the letter h represents the values on which the company is based: “human housing in a healthy habitat”.
011h is the first new-generation Spanish construction company. The company is revolutionising the construction sector through technology in order to create high-quality intelligent buildings and build healthy and sustainable lives. Founded in 2020, and with an end-to-end construction model, 011h has the mission of leading the industrialisation of the property sector and transforming the design and construction process for buildings, reducing the costs and timescales of execution and providing greater reliability. The philosophy of 011h is supported on creating a new model of cooperation in the construction industry, based on transparency and centred on people. Established by a team of entrepreneurs with a long and successful history, 011h currently has 20 professionals with technological profiles, architects and engineers, among others. Its current area of activity is Spain, and the company intends to grow in Europe and other international markets.
Foundamental is a global construtech investor. With offices in San Francisco, Singapore and Berlin, it identifies unique opportunities in any geographic region, from Asia–Pacific to Europe and North America. Foundamental accompanies exceptional founders all through the life cycle of their companies from the initial stages.
About A/O PropTech:
A/O PropTech, founded at the start of 2019 by the Swiss entrepreneur Gregory Dewerpe, is the largest proptech venture capital in Europe with a €250M perpetual capital fund. It invests in companies that aim to transform the property sector through the use of technology and innovative models, making it more digital, efficient and affordable. Its vision is to improve quality of life and accelerate the decarbonisation of the largest class of assets in the world in order to make housing sustainable