Vancouver-based green construction technology startup Nexii Building Solutions announced today a C$45 million (US$35M) fundraise, aimed at accelerating the company’s manufacturing capacity, in order to meet the rapidly growing demand for sustainable construction solutions.
Nexii achieved “unicorn” status last year – the fastest Canadian company to do so – surpassing a $1 billion valuation in an equity financing last year. Today’s deal values the company at over C$2 billion (US$1.6 billion). The deal was led by led by Horizon Technology Finance Corporation and Trinity Capital.
Stephen Sidwell, Co-founder and Chief Executive Officer of Nexii, said:
“We are very thankful for Horizon and Trinity’s continued partnership with Nexii. 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.”
Nexii’s technology addresses one of the most significant sources of greenhouse gas emissions, and one of the most difficult to abate. Buildings and real estate are major contributors to the global climate challenge, accounting for approximately 40% of carbon emissions, according to the International Energy Agency and UN Environment Programme. They are also among the hardest sources of emissions to replace, given their long-term nature.
The company produces panels from its proprietary high performance building material, Nexiite, providing a lightweight, low-carbon, and fire and water resistant alternative to conventional concrete. In addition to its lower carbon footprint, the company’s solutions generate near-zero waste on construction sites, while accelerating build times and lowering operating costs.
Nexii currently operates two manufacturing plants in Canada, and recently opened its first plant in the U.S., with future plants planned in Dallas, Pittsburgh, and Vancouver Island.
Gerald A. Michaud, President of Horizon, said:
“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. We are excited to add to our support of Nexii as it continues its strong growth trajectory.”