5 min read
How Loopfront secured 12 million NOK for their circular reuse platform
By: Marina Skanche on 19.mai.2020 08:06:00
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.
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.
Gif showing some of the features on the platform; locations, inventory orders and reports
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 CEO of Loopfront. 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.
Jon Øyvind Eriksen, CEO of Aidiom continues: –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
4 reasons why building owners should consider Loopfront:
- By registering materials in existing buildings, or those planned for rehabilitation / demolition, you will get an overview and access to technical information that helps you make better decisions.
- Logistical processes including demounting, storage, transport, material processing and other circular activities can be planned in cooperation with service providers, well in advance!
- 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.
2 reasons why service providers should consider Loopfront:
- Expand market reach and income with better access to regional and global distribution channels for a circular economy.
- Simplify the sales process with a circular process overview
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.no.
- 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
Want to learn more about Loopfront and what we have to offer?
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