Green concrete maker Hycrete has raised $15 million in a Series C round of funding, the company tells us this morning. The round was led by Mohr Davidow and the funds will be used for international expansion. Going international will be a capital-intensive endeavor for Hycrete as the company doesn’t plan to license its proprietary concrete mix and will instead own and operate plants.
Hycrete’s plan to expand internationally will connect it with the huge demand abroad for construction materials. The fastest-growing concrete markets are scattered all over the Middle East, Eastern Europe and Asia as construction has exploded in the developing world. China alone accounted for 45 percent of the concrete production and use last year.
Hycrete has developed a hydrophobic cement that greatly increases the life of the cement as it won’t absorb water, which cause cracks. The company says their waterproofing cement doesn’t require any special manufacturing and can be made in existing cement factories. Simply add their special Hycrete Admixture to the mixer and you’ve got waterproof cement. This process saves time on the project site compared to other waterproofing techniques, thereby saving on construction costs, the company says.