Vancouver-based green construction startup raises $33 million in new funding
A Vancouver-based startup pioneering a green construction technology announced this week it has successfully raised about $33 million in its fourth round of funding, ending in Fall 2020.
This brings Nexii Building Solutions’ total funding raised to date to over $66 million, with the latest infusion in funding to be used to expedite the opening of a new production facility in Squamish, expand its manufacturing partner program, and continue research and development.
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Founded in 2018, the company developed Nexiite, which is a proprietary material that can replace the use of concrete in certain applications for new building or renovation projects, resulting in significantly lower carbon emissions.
This material, when paired with the company’s design and assembly process, can reduce construction timelines by up to 75%, lower construction costs, and eliminate the need for scaffolding.
Additionally, between 60% and 85% of the process is built off-site in factories, allowing for assembly in any weather conditions with fewer delays, and a reduction in on-site construction waste. The company also states Nexiite is durable and safe, and resistant to fire, water, mold, mildew, and insects.
A Nexiite panel being lifted (Nexii)
“The construction sector has a staggering effect on the environment and is just at the brink of a new revolution in green technology,” said Stephen Sidwell, CEO of Nexii, in a statement.
“Not only must we consider the construction or retrofitting of a building, but also the environmental costs of ongoing maintenance. Our material technology and building systems are a huge step forward in reducing climate pollution and we are motivated by the opportunity to be a driving force in the green economy.”
Example of Nexiite construction. (Nexii)
Over the last three years, the company’s value quickly ballooned to $620 million, reflecting the “skyrocketing market demand for cost-efficient green buildings.”
Nexii already has a fully operational plant in Moose Jaw, Saskatchewan, and besides the new Squamish facility, there are also production facilities in development in Alberta, Ontario, and Pennsylvania.
Its clients to date include fast-food chains Popeye’s, A&W, and Starbucks, which recently used Nexitte to build a new standalone building in Abbotsford for Canada’s first sustainably constructed cafe.
The company’s board of directors includes Uber chairman Ronald Sugar and former Vanguard CEO F. William McNabb. Former Vancouver mayor Gregor Robertson is Nexii’s executive vice-president of strategy and partnership.
Example of Nexiite construction. (Nexii)
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