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A new wave of technology companies is emerging to help the real estate industry reduce its environmental impact. Accacia, a leading player in this space, recently closed a USUSD 6.5 million pre-series A funding round led by Illuminate Financial to develop its software aimed at helping real estate companies track and reduce their greenhouse gas emissions.
The real estate sector is a major contributor to global warming. Construction and building operations account for about 40% of greenhouse gas emissions worldwide. This presents a significant challenge, but also a major opportunity. Experts estimate that the real estate industry needs to invest USD 18 trillion over the next decade to achieve "net zero" emissions - a situation where emissions are balanced by removal.
Founded in 2022 by Annu Talreja, Accacia offers a software solution for real estate companies. Their AI-powered platform helps asset managers, owners, and developers track their emissions. This data is crucial for understanding a building's environmental impact and developing strategies to reduce it. The platform also provides recommendations for "decarbonisation" strategies, guiding companies on their journey towards a greener future.
Accacia is not alone in its mission to create a more sustainable real estate industry. Several other proptech companies are emerging with innovative solutions and attracting investor interest.
BuiltWorlds, a US-based company, utilises digital twins - virtual replicas of physical buildings - to optimise energy usage. This proptech company closed a USD 10 million pre-Series A funding round in 2023, led by Fifth Wall Climate Tech. This funding will allow them to further develop their technology and expand their reach in the market.
Fundwise, an Indian startup, focuses on facilitating green building projects. They connect developers with investors specifically interested in sustainable real estate. In February 2024, Fundwise raised USD 5 million in a pre-Series A round led by Good Capital. This funding highlights a growing trend of investor interest in sustainable projects, particularly in developing economies.
Patch, a French company, offers a digital platform that connects building owners with pre-vetted contractors specialising in energy efficiency retrofits. Patch's EUR 5 million pre-Series A round, secured in March 2024, reflects the increasing focus on improving the energy performance of existing buildings. These examples showcase the diverse proptech solutions emerging to address sustainability challenges in the real estate industry.
The funding received by these companies highlights the increasing demand for innovative solutions in sustainable real estate. By providing tools to track emissions, optimise energy use, and connect stakeholders in the green building movement, these proptech companies are playing a vital role in helping the real estate industry move towards a more sustainable future. As technology continues to evolve and investor confidence grows, we can expect to see even more advancements in this space, paving the way for a greener built environment.
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