011h, a new-generation, sustainable building platform headquartered in Barcelona, has raised €25 million in Series A funding. The financing round was led by Redalpine accompanied by Seaya Andromeda and Breega alongside participation from Aldea Ventures among others.
In addition, existing investors, including Giuseppe Zocco, Foundamental and A/O Proptech took part in the round to accelerate 011h’s ambition to create a sustainably-built world.
More focus on Spain
011h will use the fresh funds to further develop its digital platform and building system, 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, said “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.”
Jose Ojeda, co-founder and COO of 011h, said, “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 decarbonization 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.”
Harald Nieder, General Partner of Redalpine, said, “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, said, “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, said, “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 concluded, “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.”
Revolutionises building process
Currently, the building process uses artisan methods based on manual labour and uses unsustainable materials such as concrete and steel. Eventually, residential construction has become relatively more expensive, unreliable, and difficult to scale. In terms of the climate crisis, buildings are estimated to be responsible for nearly 40% of global CO2 emissions.
Founded by Alex Valls, Jose Manuel Villanueva, Jose Ojeda, Josep Barberà, Juan Velayos and Lucas Carne in 2020, 011h changes this by standardising and digitalising the building process. The startup makes the process repeatable and scalable while incorporating sustainable and circular principles and materials such as mass timber.
With 011h, architects, general contractors, real estate developers and investors can design, build and manage better quality net-zero buildings in a faster, more reliable and cost efficient way.