Climate-tech venture, BillionBricks closes US$2.45 mil seed funding round led by Thakral
BillionBricks is a Singaporean startup that develops net-zero houses and also areas. It was founded in 2013 as a charitable firm by engineer Prasoon Kumar plus venture capitalist Anurag Srivastava to attend to the international climate and housing situations.
BillionBricks, a climate-tech project, has sealed a US$ 2.45 million ($ 3.3 million) seed capital round. The round was led by SGX-listed Thakral Company, who takes part in ENGIE as cornerstone capitalists in the startup.
Thakral’s chief executive officer and also executive director, Inderbethal Singh Thakral shares, “I am extremely excited to see that BillionBricks’ uncommon technique to dealing with several sustainability obstacles concurrently has gained substantial traction, and is set to disrupt each the renewable energy and even housing sectors. The venture in BillionBricks is in line with our technique of broadening our concentration to feature impact investing plus contribute to minimizing ecological impact, whilst aiding neighborhoods in need.”
The initial BillionBricks area is going to be introduced in the Philippines, covering up over 16 hectares of land and extending 1,600 homes. The area can also have 13 MW of power generation capacity via a utility-scale roof solar facility on top of the housing development. The project alone can offset over 7,000 tonnes of carbon dioxide discharges annually, according to BillionBricks.
“ENGIE is focused on accelerating Southeast Asia’s energy shift in the direction of carbon neutrality while guaranteeing it continues to be budget friendly, readily available, along with lasting. By incorporating inexpensive housing and also solar power production, BillionBricks will aid to attain a reasonable energy shift, moreover we are honored to sustain its development objectives,” states Thomas Baudlot, chief executive officer for ENGIE energy solutions APAC also nation head for Southeast Asia.
To expand its scope in order to influence, BillionBricks pivoted to come to be a for-profit company in 2020.
” BillionBricks is handling numerous sustainability difficulties in a particular remedy, and looking to make a considerable impact with every single venture,” claims BillionBricks chief executive officer Prasoon Kumar.
Since its inception, BillionBricks has already won numerous awards for its mission also designs, consisting of the 2018 & 2020 President’s Design Award (Singapore), the 2021 Global Holcim Commendation Award, the 2018 Smart Fifty Award (India), plus the 2022 INDE.Awards (Australia).