CarbonCure Technologies Inc, a Halifax, Nova Scotia-based developer of clean technologies that convert waste CO2 into stone within concrete, has secured a $3.5 million Series B funding round. The deal was led by BDC Venture Capital Energy-Cleantech Fund, with the participation of Eagle Cliff Partners, Innovacorp, 350 Capital, and several strategic investors. Proceeds of the investment will go toward accelerating the company’s technology growth, and further increasing its customer base across North America. Tony Van Bommel, senior managing partner with the BDC Venture Capital Energy-Cleantech Fund, was recently added to CarbonCure’s board of directors. Founded in 2007, CarbonCure has been venture-backed since 2011.
CarbonCure gears up for growth with Series B financing
HALIFAX, December 10, 2013 – Halifax based CarbonCure Technologies Inc. announced today that it has closed a $3.5 million Series B financing round led by BDC Venture Capital. Other investors include Eagle Cliff Partners, Innovacorp, 350 Capital, and strategic investors.
Proceeds from the current round of funding will accelerate the company’s growth by expanding the technology application from masonry to precast and ready mix, and further increase its customer base across North America.
“We went to market in January and have seen great success with the early commercialization of our technology”, said Robert Niven, CarbonCure’s Founder and CEO. “Building on existing momentum, the additional capital will help accelerate our growth; we are extremely excited about what this additional capital will allow us to achieve.”
“We are delighted to be working alongside Robert and his team to reduce global greenhouse gas emissions by making concrete less carbon-intensive. CarbonCure is a promising Canadian company that we believe has the potential to generate significant returns for its investors, while positively impacting one of the world’s largest industries,” said Tony Van Bommel, Senior Managing Partner with the BDC Venture Capital Energy/Cleantech (ECT) Fund, and a recent addition to CarbonCure’s Board of Directors. The BDC Venture Capital ECT Fund invests in capital-efficient and scalable businesses with global potential. “This investment is a strong testimonial of the confidence we, as investors, have in CarbonCure’s products and expertise to compete and succeed in the concrete marketplace.”
Van Bommel’s enthusiasm for CarbonCure’s growth trajectory is shared by the other investors, including Silicon Valley’s Eagle Cliff Partners. “We’re thrilled to be a part of the CarbonCure story and look forward to working with the CarbonCure team to make green concrete mainstream,” said Rebecca Levin, Managing Partner at Eagle Cliff.
In the last two years, CarbonCure’s technology has been adopted by several of North America’s largest concrete producers, including Chicago’s Northfield Block and New Jersey’s Anchor. Both Northfield and Anchor are divisions of the largest concrete masonry and precast producer on the continent, Oldcastle. CarbonCure also released the sector’s first Environmental and Health Product Declarations in North America, which disclose a building materials’ environmental and health impacts, and are already giving CarbonCure’s manufacturing partners a competitive edge in the marketplace.
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Jennifer Wagner, VP Marketing
About CarbonCure Technologies Inc.
CarbonCure Technologies develops clean technologies that convert waste CO2 into stone within concrete. The Company offers a complete package to customers which includes their proprietary retrofit technology to repurpose waste CO2 to make concrete less carbon-intensive, market pull efforts to create specifications with leading design firms, and reporting tools such as Environmental and Health Product Declarations. The Nova Scotia-based Company is supplying green concrete to the market with its partners in Ontario (Atlas Block), California (Basalite Concrete Products), Nova Scotia (Shaw Brick), Illinois (Northfield Block), and New Jersey (Anchor). Find out more at www.carboncure.com or on Twitter @CarbonCure.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health and energy/cleantech companies, as well as venture funds, with high growth potential. From seed through expansion to exit, their mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
About Eagle Cliff Partners
Based in the San Francisco Bay Area, Eagle Cliff Partners is an early stage venture capital fund focused on investments in companies that believe in beneficial business, with the potential to disrupt large industries. They create wealth for their investors, entrepreneurs, and communities, and deliver measurable increases in social justice and environmental resilience. Find out more at www.eaglecliffpartners.com/.
Innovacorp is Nova Scotia’s early-stage venture capital organization. Target industries include information technology, clean technology and life sciences. Early-stage investment is at the core of Innovacorp’s business model, it also gives entrepreneurs access to world-class incubation facilities and an international network of expert advisors. For more information visit www.innovacorp.ca or on Twitter @innovacorp.
About 350 Capital
350 Capital is a fund manager for owners of the Toronto-based real estate developer Tridel. The fund invests in companies with high growth potential that are meeting the demands of the green buildings and sustainable communities of tomorrow – today. 350 Capital’s founders are pioneers in green buildings, and their award winning investments are helping to transform the built environment. Find out more at 350capital.com/.
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