New Zealand: Neocrete, a New Zealand start-up that decarbonises concrete production, has raised US$4m in seed funding. Wavemaker Partners, a Singapore-based venture capital firm, led the funding round with a 15% stake for US$2.7m. The funding also included contributions from five other investors, including NZ Green Investment Finance, which acquired a 3.8% share for US$700,000. Neocrete, founded in 2018, has developed an additive that can reduce the cement in concrete by 30-50% without loss in strength, increasing its durability.
Wavemaker Partners' managing partner Paul Santos said "Neocrete is designed to scale rapidly by using a cost-efficient production process that can leverage existing infrastructure."
Zarina Bazoeva, Neocrete co-founder and CEO, said that the funding will enable the company "to scale to meet initial global demand for Neocrete’s additive”. The company plans to complete setting up an Auckland manufacturing facility and scale up a research and development programme, "which is on track to produce cement-free, zero-carbon concrete by 2027,” according to Bazoeva.
