BillionBricks, a climate-tech venture, has closed a US$2.45 million ($3.3 million) seed funding round. The round was led by SGX-listed Thakral Corporation, who joins ENGIE as cornerstone investors in the start-up.
BillionBricks is a Singaporean startup that develops net-zero homes and communities. It was founded in 2013 as a non-profit company by architect Prasoon Kumar and venture capitalist Anurag Srivastava to address the global climate and housing crises.
To expand its reach and impact, BillionBricks pivoted to become a for-profit company in 2020.
“BillionBricks is taking on multiple sustainability challenges in a single solution, and looking to make a significant impact with each and every project,” says BillionBricks CEO Prasoon Kumar.
Thakral’s CEO and executive director, Inderbethal Singh Thakral shares, “I am very excited to see that BillionBricks’ novel approach to tackling multiple sustainability challenges simultaneously has gained significant traction, and is set to disrupt both the renewable energy and housing segments. The investment in BillionBricks is in line with our strategy of expanding our focus to include impact investing and contribute to reducing environmental impact, while helping communities in need.”
The first BillionBricks community will be launched in the Philippines, covering over 16 hectares of land and spanning 1,600 homes. The community will also have 13 MW of electricity generation capacity through a utility-scale rooftop solar facility on top of the housing development. The project alone can offset over 7,000 tonnes of carbon dioxide emissions annually, according to BillionBricks.
“ENGIE is focused on accelerating Southeast Asia’s energy transition towards carbon neutrality while ensuring it remains affordable, available, and sustainable. By combining affordable housing and solar energy production, BillionBricks will help to achieve a fair energy transition, and we are proud to support its development goals,” says Thomas Baudlot, CEO for ENGIE energy solutions APAC and country head for Southeast Asia.
Since its inception, BillionBricks has won several awards for its mission and designs, including the 2018 & 2020 President’s Design Award (Singapore), the 2021 Global Holcim Commendation Award, the 2018 Smart Fifty Award (India), and the 2022 INDE.Awards (Australia).