Berlin-based ecoworks Secures €40 Million in Funding. World Fund led this round, and Haniel, KOMPAS VC, and ISAI also took part.
The rapidly increasing demand for this market in Europe, which spans the residential, industrial, and commercial sectors, was the primary driver of the high level of investor interest.
Up to 2030, the EU alone will have to invest multiple trillions of euros in retrofitting these buildings. Low-performing homes will be disproportionately affected by rising energy costs and stricter worldwide built environment pollution regulations. They also become stranded assets as their value diminishes as time passes.
Emanuel Heisenberg, founder of ecoworks said, “The financing round was almost three times oversubscribed. This shows the enormous interest in solutions for the upcoming European renovation wave, With our order book and increasing margins, ecoworks has the potential to become a European tech leader in the construction market.”
The World Fund prioritises investments in firms with the highest potential for reducing climate change, and the choice to lead the funding round was predicated on the potential for retrofitting to reduce carbon emissions. By 2045, ecoworks aims to cut GHG emissions by more than one gigaton of CO2.
Daria Saharova, Managing Partner at World Fund said, “Almost 75% of buildings in Europe are considered energy inefficient. Currently, the renovation rate is less than 1%, ecoworks is a retrofitting tech leader that is primed to benefit from regulatory demands for renovation of existing buildings, and increasing capital for reducing carbon emissions in the sector”.
Philipp Göhre, Growth Partner at Haniel said, “As a pioneer and market leader in the field of climate-friendly serial renovation, ecoworks fits perfectly into Haniel’s mission statement “enkelfähig”, under which we build sustainable and successful business models. We are delighted to be part of ecoworks’ journey and to support Emanuel Heisenberg’s team in their goal to reduce greenhouse gas emissions by a total of more than 1 gigaton of CO₂ by 2045,”.
Andreas Winter-Extra, Partner at KOMPAS VC said, “Our investment in ecoworks reflects our unwavering commitment to creating a sustainable, efficient and resilient built environment. Currently, Europe faces the challenge of an aging building stock ill-equipped to cope with the rapidly changing climate. ecoworks is uniquely placed to meet the growing demand for climate-neutral refurbishments through its transformative technology — and is spearheading efforts to facilitate sustainable and cost-effective renovation of buildings across Europe. By investing in advanced technologies and embracing sustainable practices, we firmly believe that we can address the challenges of climate change and an aging housing stock head-on,” .
Ecoworks was founded in 2019 with the objective of lowering CO2 emissions from the built environment through rehabilitation and retrofitting with an energy-efficient building skin. The Berlin startup can renovate residential buildings and raise their market worth by up to 100%. The building services, insulation, and integrated windows that make up ecoworks’ facade elements have been put in place.