Trusscore, an Ontario-based material science startup, has raised $21 million (26 million CAD) in Series A Funding to reduce the construction industry’s environmental footprint.
The funding round was led by Round13 Capital via its Earth Tech Fund, which focuses on investing in Environmental, Social, and Corporate Governance initiatives. Investors like Garage Capital, Carol Leaman of Axonify, and John Baker of D2L also participated. The round brings the total funding raised by the startup to over $25 million (31 million CAD). Craig Strong, Round13 Capital General Partner, referred to the round by stating:
“Our new Earth Tech Fund is our first environmental, social, and corporate governance (ESG) fund. We created it specifically to accelerate the growth of companies that have made a commitment to the environment and have sustainability as a strategic business imperative. As a company that is disrupting the status quo in a legacy industry that causes millions of tons of waste annually, Trusscore is the perfect first investment to launch this fund. With Dave at the helm, and his vision for both the company and the overall construction industry, Trusscore is very well positioned for success.”
After a successful seed funding round back in May of 2020, Trusscore has seen rapid growth that has resulted in important partnerships and the expansion of its manufacturing and distribution capabilities via acquisitions. Canadian Business, one of the longest-publishing business outlets in the country, has named the startup as one of Canada’s fastest-growing companies for eight years straight.Dave Caputo, Trusscore CEO, said about the startup’s mission:
“At Trusscore, we believe the only future is a sustainable future. We are determined to help change the environmental impact of the construction industry with sustainable products that help build a better future for generations to come. This investment in Trusscore will serve as fuel for our growth. Our focus on innovation and material science is driving real demand for our sustainable alternatives to traditional building materials.”
It is estimated that the construction industry’s impact on climatic change is about 50%, which has raised concerns among regulators and firms. Having recently expanded its reach to the residential market, Trusscore is now focusing on making its nanotechnology and material science-based solutions to millions of buildings, reducing the considerable environmental impact the industry has been known for.