Q1 Industry Insights: Contech & Cleantech 

As we say goodbye to the first quarter of 2024, we’re bringing you the latest investment developments within the Contech and Cleantech ecosystems. The construction industry’s ever-evolving landscape is in the midst of a sustainable and digital revolution, so Cemex Ventures’ investment team has rounded up the most relevant investment insights from January to March.

Take a look at Q1! 

Q1 2024 Summary

In the first quarter of 2024, the total volume of investments reached US$672 million, spread out over 66 deals. Comparing Q1 2024 to Q1 2023, this year there was 20% more US$ invested, reflecting an escalating confidence in these technologies. Nevertheless, there was a marginal 4% decrease in the number of deals during the same period, suggesting a potential shift in investment strategies or market dynamics in the upcoming quarters of the year. 

  • Total investment: $672M 
  • Total number of deals: 66 

Investment by Focus Area 

Construction and clean technologies are revolutionizing the way we construct. The breakdown by investment amount in Q1 2024 across Cemex Ventures’ four market-driven opportunity areas was: 

  • Green Construction (sustainability): 31% 
  • Construction Supply Chain (on time): 8% 
  • Enhanced Productivity (efficient): 54% 
  • Construction’s Future (disruptive): 7% 

In terms of the amount of money invested (%), Enhanced Productivity (54%) was the most active Focus Area, encompassing solutions such as project design and budgeting, geotechnical analysis, project bidding, document management, among other solutions that improve construction’s efficiency. Following closely behind was investment in Green Construction (31%), which includes solutions related to decarbonization, Carbon Capture, Utilization and Storage (CCUS), circular business models, sustainable materials, water conservation, etc.  

Investment by Region 

Most Contech and Cleantech investment in Q1 took place in North America, a trend continued from 2023. The highest volume of investments in Contech & Cleantech startups took place in the United States. For more information about last year’s investment by region, download the Top 50 Contech Startups Report 2024.  

Following is the breakdown by investment amount in Q1 2024 across various regions: 

  • North America: 80% 
  • Europe: 14% 
  • Asia & Oceania: 2% 
  • Middle East: 4% 
  • Latam: 0% 

Top deals in Q1 

Cemex Ventures’ investment team compiles a monthly roundup of the top deals that have occurred in the Contech & Cleantech ecosystem. Here are the top three deals that have taken place in Q1: 

  • Exodigo raises $105M in funding round: In February, Exodigo, the startup that utilizes artificial intelligence and sensors to map the underground, closed a US$105 million funding round led by Greenfield Partners and Zeev Ventures. Read more
  • Saint-Gobain invests in Fortera: In March, Saint-Gobain invested in Fortera, a startup developing a process for low-carbon cement production. Fortera’s ReCarb process reduces CO2 emissions by 70% in existing cement. Read more
  • Intenseye announces $64M in Series B funding round: In February, Intenseye, a frontrunner in AI-driven workplace safety solutions, announced a successful US$64 million Series B funding round. Read more

Check out the top deals of January, February, and March if you’ve missed them! 

Key conclusions from Cemex Ventures’ Investment Experts 

To wrap up the quarter, here are Cemex Ventures’ investment experts’ conclusions:

  • Moderate increase in the volume invested in Q1-24 compared to the same period in 2023. 
  • Activity remains stable in line with 2023. 
  • Early-stage deals continue to prevail with a recovery in Series C compared to Q1-23. 
  • In terms of focus areas, enhanced productivity leads with more than half of the transactions registered, followed by green construction. 
  • Regarding regions, North America notably predominates, followed by Europe. 

Whether you are a startup, SME, corporate, building professional, media journalist, or just want to find out more, we encourage you to contact us through our website or follow us on LinkedIn and X

You can also keep up to date with the newest Contech deals and news by subscribing to our biweekly Contech Tacos newsletter!    

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