ClimateCrete Inc. announces close of $3.3 million series A funding round led by Capital K
Summary
MENLO PARK, Calif., Dec. 5, 2023 /PRNewswire/ -- Sustainable construction aggregates startup ClimateCrete Inc. announced today the close of a $3.3 million series A funding round led by Capital K, a Silicon Valley VC firm specializing in deep tech startups, and joined by KAUST Innovation Ventures, the venture arm of Saudi Arabias King Abdullah University of Science and Technology (KAUST).The firm also announced the appointment of its first CEO, Peter Hadrovic, a veteran Silicon Valley CEO, startup advisor and attorney.ClimateCrete makes concrete production sustainable and more climate friendly thanks to a patent-pending technology that uses abundant local sand, instead of increasingly scarce imported sand, in a formulation that requires less cement, the main source of concretes CO2 footprint. "ClimateCretes technology transforms abundant but unusable local sand into a precious new commodity for the construction industry worldwide," said Patrick Suel, Capital Ks Managing Director. Considering that the world is fast running out of construction sand, ClimateCrete is poised to radically change the economics and environmental impact of concrete applications. "The adoption of this technology presents an immense opportunity for Saudi Arabia," said William McDonough, another ClimateCrete co-founder and KAUST Distinguished ResearchProfessor, recently named as one the most innovative leaders driving climate action. "With an executable first pilot program to prove its technology and solution, ClimateCrete is positioned to establish a path for unprecedented growth within the construction manufacturing industry in Saudi Arabia and the region.