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Sustainable cement tech: State of play

Aug 29, 2023

Illustration: Sarah Grillo/Axios

Last updated August 22, 2023

Investors are paying attention to building materials companies that are looking for lower carbon options for concrete, cement, and other materials, Axios' Katie Fehrenbacher wrote.

Why it matters: The shift to a more environmentally friendly alternative has been pushed by regulations, corporate sustainability goals, and a desire for supply chain diversification.

Deals in the sustainable cement industry from the last year include:

  • Carbon Upcycling, a startup producing low-carbon cement, closed a $26 million Series A in July, co-led by the investment arm of Canada's Business Development bank, BDC Capital's Climate Tech Fund, and investors Climate Investment.
  • CarbonCure Technologies raised $80 million in July, as the Nova Scotia-based company builds out its carbon removal tech for the concrete industry.
  • Material Evolution, a UK-based low-carbon cement producer, raised a £15 million Series A in June, led by KOMPAS VC.
  • Carbonaide, a Finnish carbon-negative concrete technology company, raised €1.8 million in seed funding in March.
  • Concretene, a U.K.-based company that developed a graphene-based concrete alternative, raised an £8 million seed investment led by LocalGlobe in January.
  • Sublime Systems, a Boston startup developing tech to produce low-carbon cement, raised $40 million in January.
  • AICrete, a sustainable concrete company, raised a $4 million seed round in September 2022.

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