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Bill Gates-backed Cemvision secures €10M in largest green cement seed round

CemVision funding
Picture credits: CemVision

The cement industry accounts for 8% of global CO2 emissions and is an estimated $400B market globally. Sustainability in concrete technology has become a paramount consideration in the construction industry. European startups working in this niche include Concrete4Change, Strong by Form, and more. 

The latest one to join these startups is Sweden-based CemVision, which has secured €10 million in seed funding. The investment was led by Polar Structure and Backing Minds, and SF-based Zacua Ventures, which recently invested in AI climatetech startup Pathways. Previous investors in the company include EQT Ventures and Bill Gates’ Breakthrough Energy. 

CemVision plans to use the new capital to grow its headcount and continue investing in its tech development. As per the company, this represents the largest seed round to date in a green cement startup. 

Access to sustainable building material 

CemVision was founded in 2020 in Sweden to create a sustainable and accessible building material with the whole world as their market. Its founders Marcus Olsson, Claes Kollberg, and Paul Sandberg have an extensive background and experience within the cement manufacturing industry. They founded the company to reverse the impact of cement on climate change.

Cemvision’s products offer an alternative to traditional Portland cement, reducing CO2 by more than 95% while retaining durability and performance. It is produced using raw materials recycled from industrial waste and kilns powered by green electricity at much lower temperatures. Its cement builds early strength up to 5 times faster than Portland, allowing for increased productivity. 

Last year, Cemvision announced that it stepped into industrial-scale production of green cement at its demo plant in Poland. It claimed to produce nearly 4,000 tonnes of green cement annually. The company aims to over double this capacity this year, with plans to produce 10,000 tonnes. Also, in December 2023, the company signed its first customer, the large Swedish industrial company LKAB. 

“This investment will accelerate our near-future operations, right before we make the next jump, which is not too far away. Having met and retained interest from VCs worldwide, we concluded some of the very best ones were right around the corner, and we are delighted to have them doubling down on Cemvision. Furthermore, Zacua’s global understanding of the green transition of the built environment is the most impressive we’ve ever come across,” said Oscar Hållén, CEO of Cemvision. 

”Cemvision is addressing a $400 billion market, precisely meeting the increased environmental and regulatory needs of the industry. With the overwhelmingly positive market response, we’re thrilled to keep backing the Cemvision team as they pioneer global sustainable construction,” said Susanne Najafi, founding partner of BackingMinds VC.

“We are constantly in search of innovations that can help us develop and scale the essential solutions required to achieve net zero emissions. Cemvision’s technology to produce fossil-free cement, backed by their exceptional team, exemplifies our commitment to such innovations,” added Tobias Emanuelsson from Polar Structure.

Commenting on the investment, Juan Nieto, General Partner, at Zacua Ventures, said: “Cemvision’s potential is nothing short of extraordinary – it’s poised to lead the net-zero cement game. With a top-notch team bringing serious industry chops and a fresh take on decarbonisation of cement, they’re primed to shake things up big time. We are beyond excited to take this journey together with the team and our esteemed co-investors.”

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