Sweden, the leading climate tech ecosystem in the EU by investment volume in 2023, is up for this year too. In the largest known green cement seed round to date, Swedish Cemvision joins forces with its compatriot investors Polar Structure and BackingMinds, and SF-based Zacua Ventures. The news comes soon after Cemvision announced its first official customer contract and is part of a plan to accelerate the company’s short-term momentum. The cement industry accounts for 8% of global CO2 emissions and is an estimated $400B market globally.

“This investment will accelerate our near-future operations, right before we make the next jump, which is not too far away. Having met and retained interest from VCs worldwide, we concluded some of the very best ones were right around the corner, and we are delighted to have them doubling down on Cemvision. Furthermore, Zacua’s global understanding of the green transition of the built environment is the most impressive we’ve ever come across,” says Oscar Hållén, CEO of Cemvision. BackingMinds and Polar Structure invest the lion’s share of the €10M, with Zacua contributing an additional amount.

BackingMinds is a VC investing in the blind spots of venture capital. The firm has made more than 20 investments in Europe including innovative technologies and circular business models solving the big global challenges.

”Cemvision is addressing a $400 billion market, precisely meeting the increased environmental and regulatory needs of the industry. With the overwhelmingly positive market response, we’re thrilled to keep backing the Cemvision team as they pioneer global sustainable construction,” says Susanne Najafi, founding partner of BackingMinds VC.

Polar Structure is a green transition partner in infrastructure development, providing the public and private sectors a way to develop, manage, and finance necessary investments to upgrade or build new, critical infrastructure. The firm’s other green transition portfolio investments include freight mobility unicorn Einride.

“We are constantly in search of innovations that can help us develop and scale the essential solutions required to achieve net zero emissions. Cemvision’s technology to produce fossil-free cement, backed by their exceptional team, exemplifies our commitment to such innovations”, says Tobias Emanuelsson from Polar Structure.

Zacua is an early-stage, sector-specific venture fund tackling the world’s biggest challenges in sustainability, productivity and urbanization. It has offices in San Francisco, New York, Singapore, Madrid, and Mexico City – and is led by partners with deep-running experience of investing in construction tech.

Commenting on the investment, Juan Nieto, General Partner, at Zacua Ventures, added: “Cemvision’s potential is nothing short of extraordinary – it’s poised to lead the net-zero cement game. With a top-notch team bringing serious industry chops and a fresh take on decarbonisation of cement, they’re primed to shake things up big time. We are beyond excited to take this journey together with the team and our esteemed co-investors.”

Cemvision’s products offer an alternative to traditional Portland cement, reducing CO2 by more than 95% while retaining durability and performance. It is produced using raw materials recycled from industrial waste and kilns powered by green electricity at much lower temperatures. Cemvision’s cement builds early strength up to 5 times faster than Portland, allowing for increased productivity. The company was founded by three experienced leaders from global cement industry incumbents.