CarbiCrete, a CO2 removal technology company based in Montréal, has received an additional $6 million USD Series A funding. With that, the round total reaches $18.24 million.
The 6$ million investment ($3.5 million in equity and $1.79 million in debt) comes from MacKinnon, Bennett & Co.,Fonds économie circulaire, Fonds de Solidarité FTQ, and Fondaction, as well as French manufacturing company Saint-Gobain and Singapore-based Aera VC. CarbiCrete’s funding now totals $31 million.
CarbiCrete CEO Chris Stern said the company prioritized Canadian investments at this stage. “We’re a Quebec-based Canadian company,” he said. “We want to continue generating IP and developing carbon removal technology in Canada, before we share our homegrown carbontech solution with the rest of the world. Our current investor base, which includes significant contributions from Quebec-based entities, will allow us to do that.”
CarbiCrete was established by Stern and the company’s current CTO Mehrdad Mahoutian in 2016. It develops low-cost building solutions aimed at reducing greenhouse gas emissions. The company’s technology allows for the production of cement-free, carbon-negative concrete. CarbiCrete claims that 150 kiliograms of CO2 are abated for every ton of concrete they produce.
Back in March, CarbiCrete raised $15 million CAD ($12 million USD) in the first close of its Series A. The company has previously received $3.5 million from Harsco Environmental and Innovobot, a private equity firm based in Montréal, in 2019; The Canada Economic Development for Quebec Regions has provided it with $500,000 in repayable financial support; SQN Venture Partners has presented CarbiCrete with $2.5 million in debt financing; and the federal and Québec governments have financed the tech startup with $4 million in grants.
CarbiCrete said they will use the $18.2 million funding to commercialize its pilot project at Patio Drummond, hire more employees and accelerate their product development, targeting customers in Quebec, Ontario, and Europe.