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Loopfront secures 12 million NOK for circular economy platform for the building and construction industry.
By: Marina Skanche on May 19, 2020 5:54:00 AM
The funding of Loopfront will secure an acceleration of building material re-use, eliminating waste and reducing the CO2 footprint of the industry. The investment round was led by tech investor Aidiom, with participation of leading specialist investors from the building and construction industry.
Trondheim, May 18th, 2020
Loopfront AS is a circular economy focused, cloud-based IT-start up focused on solving the global environmental challenges property and construction sectors have with re-use of materials. The company has developed and launched Loopfront, the building industries first comprehensive digital re-use platform for used building materials, fixtures and fittings and inventory. The Loopfront platform simplifies and facilitates cooperation between many stakeholders with varying roles within property and construction.
The company has closed a 12 million NOK financing round led by Aidiom, an early-stage tech investor focused on applied artificial intelligence (AI), and with participation from Byggteknikk Drift and Koteng, specialist investors in the real estate and construction sector.
Loopfront – an industry platform is designed to connect building owners, building contractors and third-party services who support circular processes within a circular ecosystem. Loopfront makes it easy to survey, find, use, repair, plan and recycle materials.
Loopfront is initially targeting the Norwegian construction market which represent an annual revenue of NOK 466 billion (USD 45.9 billion), Norway’s largest building suppliers which represent an annual revenue of NOK 29 billion (USD 2.9 billion), as well as the home renovation market representing NOK 76 billion (USD 7.5 billion). Around 10 percent of materials from all building projects in Norway have the potential for direct reuse. Several large building owners in the public and the private sector in Norway are already active users of the Loopfront platform, which has been operational for pilot customers since 2019.
Loopfront’s ambition is to become the leading European digital platform for reuse of building materials and contribute significantly to the success of the new EU Circular Economy Action Plan.
- Our mission is to deliver “live” data to all, on materials and processes which makes the circular economy easy and profitable" says Michael Anthony Curtis, Founder and Managing Director of Loopfront AS.
- We remove barriers for re-use, including legal, technical, and logistical uncertainties and give access to distribution channels as well as reduce building waste and carbon emissions for all parties. Our new technology and holistic approach are creating a frictionless ecosystem which promotes material innovation.
- Thor Egil Five, the chairman of the company, adds: We are delighted to have secured the financing during these challenging times – it indicates that segments like renewables, re-use and recycling create attraction for exciting investors.
- We invest in Loopfront because the move to a circular economy supported by digitalization represents a huge market opportunity. The building and construction sector currently account for 35% of all waste in Europe. Circular economy technologies could help reduce the sector’s share to less than 10% and potentially bring annual net savings of 600 billion Euro to European enterprises. We believe that Loopfront is well positioned to become a leading European circular economy platform for this industry, says Jon Øyvind Eriksen, CEO of Aidiom.
Loopfront - Advantages for building owners:
- Building owners can use the platform to easily register materials in existing buildings or those planned for rehabilitation or demolishing, then gather available technical information
- Logistical processes including demounting, storage, transport, material processing and other circular activities can be planned in cooperation with service providers.
- Materials can be reserved for re-use internally or sold to other private or public organisations.
- All circular activities can be followed live in reports gathered which show how much building waste, carbon emissions, circularity in accordance with EU requirements, as well as economic savings.
Loopfront - Advantages for service providers:
- Service providers offering contracting, consulting, planning, technical testing of materials, logistics, redesign, and waste management can expand their market reach and income with fast access to regional and global distribution channels for a circular economy.
- With circular process overview, service providers see a simplified sales process and faster access to income.
The Loopfront platform is running on a cloud-based infrastructure. It achieves processing speeds up to 100 times faster than traditional methods, enabling better decision making long before building activities start.
Loopfront AS is a circular economy focused, cloud-based IT-start up based in Trondheim, Norway. The company is focused on solving the global environmental challenges property and construction sectors have with re-use of materials. The company has developed and launched Loopfront, the building industries first comprehensive digital re-use platform for used building materials, fixtures and fittings and inventory. The Loopfront platform simplifies and facilitates cooperation between many stakeholders with varying roles within property and construction. More info: www.loopfront.com.
About the Investors
Aidiom is an early-stage venture capital investment company focused on enterprise software and deep tech, owned and led by serial entrepreneur Jon Øyvind Eriksen. More info: www.aidiom.com
Byggteknikk Drift is a real estate company and proptech investor, owned and led by Magnus Svendsen. More info: www.byggteknikk.net
Koteng aims to be a leading property company in Trondheim, both in investments and management. The company is owned and led by Ivar Koteng. More info: www.koteng.no/english
Chairman Thor Egil Five +47 907 51 038 firstname.lastname@example.org
CEO Michael Curtis +47 456 83 625 email@example.com
Business Development Manager Katja Samara +47 400 35 171 firstname.lastname@example.org
CEO Jon Øyvind Eriksen +47 930 60 330 email@example.com
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