The 011h team, 50-strong and growing...
Once again, Redalpine is backing a company committed to transforming an industry that has not changed in decades and is at the center of the climate crisis - construction. Today, the building process is rarely digitized and uses unsustainable materials like concrete and steel. As a consequence, residential construction has become expensive, unreliable, and difficult to scale. But most importantly, it is one of the biggest sources of global CO2 emissions.
At 011h*, we are backing an all-star team to tackle this challenge through scalable, digital technology. Lucas and Jota have previously founded and scaled the Spanish e-commerce company Privalia to a Eur500m exit, luring former team-members and top executives from Mango, Lyst and Vueling back into the 011h founding team. By standardizing and digitalizing the building process, while incorporating sustainable and circular principles and materials like mass timber, 011h is paving the way to design, build and manage net-zero buildings in a faster, more reliable and cost efficient way.
011h has successfully delivered a major project with Renta Corporación, a publicly-traded developer. The embodied carbon of the building was reduced by more than 90% compared to conventional methods and, additionally, construction timelines have been reduced by 35%. This has clearly impressed residential developers in Spain, as three major projects are in negotiations to start in the coming months.
To accelerate 011h’s ambition to create a sustainably-built world, the team has raised €25m in a Series A round led by Redalpine, accompanied by Seaya Andromeda and Breega, and previous investors including Foundamental, Giuseppe Zocco, and A/O Proptech.
Harald Nieder, General Partner of Redalpine, says “At Redalpine, we believe that there are massive opportunities to combine tangible impact on sustainability and economic success. In fact, the opportunities are such that we are not looking for marginal improvements of the status quo. We are looking for teams that are aiming to have a real impact, worthy of the global challenges we are facing. Construction is both one of the most unsustainable industries and one of the least digital and the 011h vision is exactly what we were looking to support. With a super strong track record and digital expertise, the team is rethinking the construction industry from the ground up, implementing efficient and scalable building processes, end-to-end across a highly data-driven and sustainable supply chain. We are incredibly excited to be on this journey together.”
The funding will be used to further develop 011h’s digital platform and building system, as well as grow its team and strengthen its network of partners. Initially, 011h will focus on projects in its home market of Spain. It will then pursue its goal of becoming a leading building platform in Europe, and ultimately an open platform with global reach.
Read more about 011h on its website and Techcrunch.