US-headquartered biological construction material developer Biomason secured $65m in series C funding yesterday from investors including pharmaceutical firm Novo and building materials provider Martin Marietta.
2150 led the round, which also featured venture capital firm Celesta Capital and energy and commodities trading firm Hartree Partners.
Founded in 2012, Biomason provides cement created with materials grown from microorganisms that is known as biocement and which is intended to gradually substitute for its traditional counterpart.
The company claims its products can help eliminate 25% of the concrete industry’s greenhouse gas emissions by 2030. Biocement is currently in use across the United States and Europe, and Biomason also produces bio-based tiles under the Biolith brand.
Ordinary Portland cement is the most widely used material to produce concrete, the manufacturing process of which contributes to 8% of global carbon emissions according to think tank Chatham House. Biomason will use the cash to increase headcount and improve its technology.
Ginger Krieg Dosier, Biomason’s chief executive and co-founder, said: “This investment marks an important milestone in the wide-scale adoption and commercialisation of biocement technology.
“This is a commercially driven, strategic round for Biomason, and we are honoured to work with new and current shareholders to take the next steps for our company.
“We are accelerating our technology platforms to enable broader applications in the concrete value chain, including ready-mix technology. We are excited to work alongside 2150 as the leading impact investor solving the biggest climate challenges in the built environment.”
Regarding the cash injection, Krieg Dosier continued: “This financing not only supports our ever-growing team, technology platform and continued commercialisation, it also proves that our vision to end the world’s dependence on carbon-emitting construction materials is within reach.”
Anders Bendsen Spohr, senior partner of principal investments at Novo, added: “Novo Holdings truly believes that biotechnology has the potential to become a spearhead for the green transition of society.
“Our mission is to make a growing and positive impact on health, science, and society, and our investment in Biomason reflects our vision that biology can create much more sustainable solutions in industry and construction.”
Biomason publicly launched in 2019 having raised $5m out of a targeted $18m, according to a securities filing. It had received $1.5m in 2015, two years after securing $500,000, also from unnamed investors.
Image courtesy of Biomason.
