London-based startup Qflow, aka Qualis Flow, has raised £7.2 million (~$9.1 million) in a Series A funding round. The new timber will be used to help the company build up its presence in both the US and Australian construction markets as well as press forward with UK operations. Since 2018 the company has raised in excess of $12.4 million.
Qflow’s $9.1 million Series A round was led by Systemiq Capital and saw the participation Ascension Ventures, Bridge Investment Group, Gravel Rd, Greensoil Proptech Ventures, Grosvenor, Jon Emrey; CEO of Aldar Properties and former CEO of Lendlease; MMC, and Suffolk Tech.
By no means a single player in the making-construction-better sector, Qflow’s platform provides construction teams with materials and waste data at the source, thus helping project teams make decisions on cost vs. carbon vs. quality.
With the construction industry accounting for 11% of global carbon emissions and 40% of the UK’s carbon emissions, the need for services such as Qflow’s is readily apparent and clearly in need.
“Jade and I love the construction industry, it literally builds the world around us. But for it to build the sustainable future we need, it must change and reduce its negative impacts on our planet,” says Qflow co-founder and CEO Brittany Harris. “To us, it was clear we had to tackle our own industry to have a chance of leaving this world in a better place, and this is why we founded Qflow.”
The company counts Berkeley Group, Canary Wharf Group, Grosvenor, Landsec, Morgan Sindall, Multiplex, and Workplace Futures amongst its client base, and given that the Qflow plans to expand into the US and Australian markets, it’s fair to say that this will continue to expand in coming days.
On the investment Systemiq Capital General Partner Matthew Goldstein commented, “Qflow uniquely aligns the goals of construction CFOs and sustainability executives, accelerating customers’ decarbonisation ambitions while saving them time, money, and reducing regulatory risk. We are leading their Series A, at a time when most VCs are scaling back their activities, to accelerate and capitalise on this unique opportunity and critical mission. Further commitment from real estate and construction heavyweights Grosvenor, Bridge Investment Group and others is a testament to the value of Qflow’s solution and the work they are doing to transform the industry.”