Melbourne Proptech Startup, CLT Toolbox, Secures $1.5 Million in Seed Funding
In a significant development, Melbourne’s CLT Toolbox, a proptech software startup, has secured $1.5 million in a Seed round led by BluescopeX, the venture capital arm of Bluescope Steel. Gravel Road, founded by Aconex co-founder Rob Phillpot, and Archangel Ventures also played pivotal roles in spearheading this funding round.
CLT Toolbox focuses on educating commercial builders about the advantages of utilizing engineered timber for construction projects. The startup’s core offering is a state-of-the-art software platform designed to serve as a comprehensive educational resource for structural engineers. This platform covers a wide range of topics related to the use of “mass timber” or engineered timber, including educational materials, specifications, resources, computations, and design infrastructure.
Noteworthy backers of this funding round include Flying Fox Ventures, LaunchVic-backed angel network by Dan Madhavan, Ecotone Ventures, and prominent individuals such as Jodie Imam, Adrian Hondros, and Peter Lam.
Traditionally, educating engineers on these aspects could cost up to $100,000 per engineer, acting as a substantial barrier to adoption within the industry. CLT Toolbox aims to overcome this obstacle with its innovative platform.
Australia has been a pioneer in adopting cross-laminated timber for commercial construction. Notable projects include the International House Sydney at Barangaroo and Atlassian’s plans for a 180-meter hybrid timber skyscraper for its Sydney headquarters.
The cross-laminated timber sector is anticipated to experience significant growth, with its value expected to reach $5.03 billion by 2032. This growth is not only economically driven but also holds environmental implications, as the construction sector contributes nearly 20% to Australia’s carbon footprint. Hybrid timbers, like those promoted by CLT Toolbox, act as carbon storage and have the potential to reduce emissions by up to 75%.
CLT Toolbox’s CEO, Adam Jones, highlighted the startup’s global ambitions, noting recent expansions into offices in Ethiopia and Indonesia. He emphasized the role of the software in expediting the adoption of reduced carbon solutions and advancing the industry’s decarbonization efforts.
If you are a proptech company and want to promote your products, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.
Explore more Proptech news at media.proptechbuzz.com, for news tips and promotions, reach out to marketing@proptechbuzz.com