ECOncrete Secures $5 million+ Series A Funding
by Startacus Admin
Major funding boost for ECOncrete Tech to support development and growth of its innovative ecological marine construction solutions.
The good news keeps coming for ECOncrete Tech, the innovative startup developing high-performance ecological concrete technologies, that we recently featured when they won EU H2020 funding.
They have now just announced the fantastic news that they have closed a $5 million+ Series A Round. This latest investment round was led by Impact investor Bridges Israel, with new investors including Barclays and a North American family office with an interest in ocean health.
The company plans to use the funding to support its expansion into new markets as well as scaling operations into large scale projects.
ECOncrete's solutions can be applied to any concrete marine infrastructure, such as breakwaters, ports and offshore structures, to increase strength and durability whilst transforming it into the base for a thriving marine ecosystem and active carbon sink.
Speaking on the investment, Dr. Ido Sella, Co-Founder and CEO of ECOncrete Tech said: “Ocean health and human health are entwined, and as such we need both resilient coastal structures and thriving marine ecosystems. Our technologies bridge development and sustainability, creating value for stakeholders and the environment. We thank this strong group of investors for joining us as strategic partners and are excited for the next stages in our growth and entrance into new markets."
James Ferrier, Director, Principal Investments at Barclays, added: “ECOncrete is solving a key environmental challenge for the coastal and marine industries, materially improving the health and resilience of surrounding ocean life. We are thrilled to be supporting ECOncrete’s growth ambitions through our £175m Sustainable Impact Capital Initiative, designed to support innovative companies tackling environmental challenges, just like this.”
Since climate change continues to worsen the frequency, intensity and impacts of extreme weather events, there is a clear need and ever-increasing urgency to protect our coastal cities. Therefore the fact that ECOncrete Tech has created an innovative solution to address that need is certainly to be welcomed.
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Published on: 1st September 2021
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