Singapore-based climate-tech venture BillionBricks has earned $2.45 million in seed investments in a funding round led by Thakral Corporation Ltd.
Thakral Corporation joins ENGIE as cornerstone investors in BillionBricks, the firm said in a statement released on Friday.
With the investment, BillionBricks will now be able to pursue its vision of addressing the global climate and housing crises by combining clean energy and large-scale affordable housing.
“The investment in BillionBricks is in line with our strategy of expanding our focus to include impact investing and contribute to reducing environmental impact, while helping communities in need,” said Thakral Chief Executive Officer and Executive Director Inderbethal Singh Thakral.
Thakral Corporation is also joined by ENGIE, Rumah Group, the Asia Sustainability Angels, Anurag Srivastava, and the Chief Executive Officer of PropertyGuru, Hari V. Krishnan, as the pillar investors of BillionBricks.
In its statement, BillionBricks expressed confidence that the partnership with their key investors would bring so much promise in benefiting the future of housing and climate change because of their shared vision and common approach to technology and innovation.
Thakral said BillionBricks takes on multiple sustainability challenges in a single solution as the firm also hopes to make a significant impact with each and every project that they do.
BillionBricks was founded in 2013 as a non-profit by architect Prasoon Kumar and venture capitalist Anurag Srivastava to address the global climate and housing crises.
During its inception, Kumar and Srivastava have also been providing shelters, schools, and emergency relief support to over 15,000 people across nine countries.
Wanting to expand its reach and impact, BillionBricks pivoted into a for-profit company in 2020.
BillionBricks presents an extraordinary opportunity for more people to become homeowners while significantly mitigating climate change as it combines clean energy and large-scale affordable housing into a single financially viable business proposition.
Its current phase of evolution is focused on disrupting the present and future of housing and renewable energy by pioneering large-scale, net-zero homes and communities.
With the success of its operations, BillionBricks earned the support of Thakral Corporation, a Singapore-listed investment holding company with a growing real estate investment portfolio in Australia and Japan.
In the next few months, BillionBricks would also be launching its first community in the Philippines. This will cover over 16 hectares of land with 1,600 homes and 13 MW electricity generation capacity through a utility-scale rooftop solar facility that will be installed on top of the housing development.
The community is expected to offset more than 7,000 tons of CO2 emissions annually.
As an added attraction, homeowners are set to receive the equivalent of more than 20 percent of their monthly amortizations in the form of cash backs and free power, increasing their ability to own their first homes.
BillionBricks’ first housing project in the Philippines is due for completion in the next five years with a goal of adding 45,000 more homes with a 450 MW solar generation capacity.
The firm’s mission and housing projects are strategically aligned with ENGIE’s push for decentralized, asset-based renewable energy solutions.
Each of BillionBricks’ housing development comes with a utility-scale rooftop solar farm. ENGIE, on the other hand, will bring strategic know-how and investment for implementation.