011h, a Barcelona-based new-gen construction company, announced on Friday that it has secured €25M in a Series A round of funding led by Redalpine with the participation of Seaya Andromeda and Breega.
Aldea Ventures and the company’s previous investors, including Giuseppe Zocco, Foundamental and A/O Proptech, also participated.
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.”
Fund utilisation
011h says the funding will help it to develop its digital platform and building system, as well as grow its team and strengthen its network of partners. The company also plans to expand its operation beyond Spain in the coming years.
Jose Ojeda, co-founder and COO of 011h, says, “We have already made so much progress in designing and building carbon-neutral buildings and creating a sustainable world. It’s only 2022, and yet we are already way ahead of the 2030 European decarbonisation goals and close to the net-zero target for 2050. This funding means that we can accelerate our mission and develop our platform in order to bring reliable, scalable, and cost-competitive construction to more people.”
Currently, the building process uses artisan methods based on manual labour, and uses unsustainable materials like concrete and steel. As a result, residential construction has become expensive, unreliable, and difficult to scale. In fact, buildings are responsible for around 40 per cent of global CO2 emissions.
011h: What you need to know
Founded in 2020 by a group of entrepreneurs, the Spanish company is a next-generation building platform with a mission to accelerate the transition to a sustainable built environment.
The company utilises new construction methods, such as the latest advances in design, technology, and sustainability, to deliver buildings that are both people and environment-friendly.
011h digitalises the building process to make it repeatable and scalable while incorporating sustainable and circular principles and materials – like mass timber – and preserving design flexibility.
It enables architects to build and manage better-quality net-zero buildings in a more reliable and cost-efficient way.
So far, the company has delivered a major project with Renta Corporación, a publicly-traded developer.
The embodied carbon of the building was reduced by more than 90 per cent compared to conventional methods and, additionally, construction timelines have been reduced by 35 per cent, claims the company.
Three major projects have been booked to start in the coming months.
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 to 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.”
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.”
