Qflow Secures Funding to Decarbonise Construction
An impressive group of investors from the technology and construction industries participated in the funding that Climate Tech VC Systemiq Capital led.
Qflow, a digital platform enabling construction teams to collect real-time materials and waste data at the source, enabling project teams to make informed decisions on cost, carbon and quality, is already working with Canary Wharf Group, Berkeley Group, Multiplex, and more, with the funding helping to scale Qflow’s operations in the UK and grow its presence in the US and Australia.
The climate-focused company has previously raised £2.4m across two seed rounds, with investment from PiLabs, MMC, Goldacre, Entrepreneur First (EF London 10) and angel investors.
Among the investors for Qflow’s Series A are Ascension Ventures, Bridge Investment Group, Gravel Rd, Greensoil Proptech Ventures, Grosvenor, John Emrey; CEO of Alder properties and former CEO of Lendlease; MMC, and Suffolk Tech.
According to Qflow, construction is the world’s most carbon-intensive industry, accounting for 11% of global carbon emissions.
This has largely to do with the linear way it extracts, refines, transports, builds with, demolishes, and disposes of materials. To decarbonise construction, there is a need to turn this linear approach into a circular one.
Increased regulation and contractual requirements mean developers and contractors are now required to track, manage, and report on their own carbon outputs and material safety, as well as that of their supply chain, to a much higher degree.
Currently, construction teams rely on the manual collection of thousands of paper tickets from hundreds of suppliers and subcontractors during construction contracts.
With the funding, Qflow is hoping to help change how the system works so that it is more efficient, sustainable, less mistake-prone, and more streamlined for construction teams.
Earlier in the month, KPMG released their 2023 Global Construction Survey, which found that the construction industry is remaining optimistic despite the challenges it has faced, such as continued supply chain disruption, rising inflation, and a possible recession.
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Source: btr news
