Nexii is worth $2B-plus after raising $45M
The construction tech firm said it would use the funds to grow its manufacturing capabilities.
Green construction company Nexii Building Solutions said it's now worth more than CAD $2 billion after a CAD $45 million funding round led by Horizon Technology Finance Corporation and Trinity Capital.
The company said it would use the funds to accelerate growth and manufacturing capacity to meet the demand for its construction solutions. The round comes nearly 10 months after an almost $60 million infusion of capital by Honeywell. That round valued the company at $1.55 billion.
Nexii designs and manufactures buildings and green building products. It developed a breakthrough building material, Nexiite, that has comparable properties to concrete but contains no cement or lime, significantly reducing end-to-end carbon emissions. The company says its building solutions have a lower carbon footprint with 20 to 33 percent less embodied carbon, 55 percent less heating energy, and 33 percent less energy overall.
Nexii projects include an energy-saving exterior building envelope for a Courtyard Marriott in Nanaimo; a first-of-its-kind sustainably built Starbucks, constructed in six days; and projects for clients including Popeyes and A&W restaurants.
“We are very thankful for Horizon and Trinity’s continued partnership with Nexii,” said Nexii co-founder and CEO Stephen Sidwell, in a statement. “Our revolutionary green building solutions are enabling us to win new projects with some of the largest global brands, and with Horizon and Trinity’s expanded support, we are well situated for continued growth and to deliver our sustainable construction technology worldwide.”
Last year, Gregor Robertson, Nexii executive vice president, told Vancouver Tech Journal that the capital the firm has been able to attract represents the scale of the opportunity in front of it. “Nexii’s incredible valuation reflects the combination of disrupting one of the world's biggest industries with breakthrough technology that delivers both cost savings and green performance,” Robertson said. “I think our technology is increasingly recognized as a game-changer in this enormous industry.”
This recent round of funding, which has come at a time when venture capital appetite is slowing down, suggests investors are still confident in Nexii’s prospects for growth.
“Since our original commitment last year, Nexii has made significant strides within the construction industry through its innovative, efficient, and environmentally conscious building solutions, positioning it well to further expand its operations,” said Gerald A. Michaud, president of Horizon, in a statement. “We are excited to add to our support of Nexii as it continues its strong growth trajectory.”
Nexii is one of B.C.’s eight newly-minted unicorns from the past two years. In addition to private financing, the company has received funding from the CleanBC Building Innovation (CBBI) Fund to accelerate the availability and affordability of low-carbon building solutions.
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