International building materials company Kingspan, located in Ireland, raises €20 million in finance. Covolve aims to generate €100 million in earnings by 2028.
Covolve aims to promote opportunities within the industry under the leadership of Louise Foody, a former Kingspan Global Marketing Director and Director of Digital who recently assumed the post of Managing Director. With a €20 million initial investment, the venture fund is projected to generate €100 million in revenue by 2028.
Foody said, “At covolve, we are uniquely positioned to lead the digital evolution of the construction sector. From ideation to execution, covolve follows a creative, mould-breaking model, which has been developed by the team over the past five years to rapidly drive digital adoption across the industry. We are actively tackling the largest challenges in our sector, prioritising efficiency and effectiveness to drive value, while delivering on a shared vision for a viable and sustainable net zero energy future through decarbonisation projects,”.
She adds, “With direct access to Kingspan’s global customer base, and its ecosystem of more than 100,000 people, covolve is fortunate to have the continued support and investment of a company that has generated over €8.3 billion in revenue across Europe, the Americas and several other countries. At Kingspan, the business model has always been about recognising and embracing new and exciting opportunities and with covolve, we are going one step further, creating a mould-breaking accelerator in the digital space,”.
They at Kingspan have a commitment to changing the built environment through creativity, ingenuity, and intelligence. Their ultimate objective, as an industry pioneer in high-performance insulation and building envelope solutions, is to improve building performance while contributing to a more sustainable, energy-efficient future for both their customers and the environment.