Today climate-neutral building renovation company ecoworks announced one of the largest Series A rounds to date in the global construction technology sector with €40 million. This brings the company's funding to over €82 million.
ecoworks offers modular, climate-neutral renovation solutions for the housing industry. The company uses AI-supported digital planning, constructing and assembling prefabricated facade and roof elements to convert apartment buildings to a NetZero standard within just a few weeks.
The façade elements from ecoworks are already equipped with integrated windows, insulation and building technology.
As a result, apartment buildings can be converted to a net zero standard within just a few weeks. This also increases building value by more than 100 percent — hopefully, the resulting energy savings match any additional costs passed onto renters.
The company is already implementing its tech on a large number of buildings in Germany and is continually developing its product range.
World Fund leads the round, other investors include Haniel, KOMPAS VC, and ISAI. Given the increasing demand in the European market, investors are relying on quickly scalable solutions for the growing need for renovation in the residential, industrial and commercial sectors.
Daria Saharova, Managing Partner at World Fund, shared:
"In the debate about the energy transition, buildings are often forgotten," says "ecoworks has a unique technology to address this.
It reduces the effort on the construction site to a minimum, allowing renovations be implemented serially and in the shortest possible time. The potential for CO2 savings is immense - for us a clear investment decision.
ecoworks has set itself the goal of reducing greenhouse gas emissions by more than 1 gigaton of CO2 by 2045. Around 50 percent of the 315 million residential units in Europe have an energy efficiency class of E or worse.
The renovation of these buildings will require investments amounting to several trillion euros in the EU alone by 2030.
Residential buildings with poor energy efficiency are particularly burdened by high energy prices and stricter global regulation of building emissions. In addition, they increasingly lose value and thus become "stranded assets."
Andreas Winter-Extra, Partner at KOMPAS VC shared:
"Our Investment in ecoworks reflects our unwavering commitment to creating a sustainable, efficient and resilient building sector.
Europe is currently faced with the challenge of an ageing building stock that is ill-equipped to cope with rapid climate change. ecoworks is uniquely positioned to meet the growing demand for carbon neutral renovations thanks to its transformative technology and has the potential to facilitate the sustainable and cost-effective renovation of buildings across Europe.
We firmly believe that by investing in advanced technologies and adopting sustainable practices, we can directly address the challenges of climate change and ageing housing stock."
Lead image is of a apartment building before and after ecoworks renovation is supplied by ecoworks. Photo: uncredited.