London-based Qflow, a startup looking to clean up one of the world’s most carbon-intensive industries, has closed £7.2m in funding to scale its operations.
Founded in 2018, Qflow has built a digital platform for use in the construction industry that collects data on materials and waste in real-time.
According to the company, construction teams can cut both carbon waste and costs by acting on the insights displayed on the platform.
A report from the World Green Building Council found that construction makes up around 11% of global energy-related carbon emissions, providing a gap in the market for startups like Qflow to help sites cut emissions.
“I love the construction industry; it literally builds the world around us. But for it to build the sustainable future we need; it must change and reduce its negative impacts on our planet,” said Brittany Harris, co-founder and CEO of Qflow.
“To us, it was clear we had to tackle our own industry to have a chance of leaving this world in a better place, and this is why we founded Qflow.”
The startup’s Series A round was led by Systemic Capital, a climate tech-focused VC, along with Ascension Ventures, Bridge Investment Group, Gravel Rd, Greensoil Proptech Ventures, Grosvenor, MMC, Suffolk Tech and several industry-relevant angels.
“Qflow uniquely aligns the goals of construction CFOs and sustainability executives, accelerating customers’ decarbonisation ambitions while saving them time, money, and reducing regulatory risk,” said Matthew Goldstein, general partner at Systemiq Capital.
“Further commitment from real estate and construction heavyweights Grosvenor, Bridge Investment Group and others is a testament to the value of Qflow’s solution and the work they are doing to transform the industry.”
The company previously raised £2.4m across two seed rounds that saw participation from PiLabs, MMC, Goldacre and Entrepreneur First.
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