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1、Urban Tech 2023November 2023Design+content doneUrban Tech 2023November 2023Page/2 Urban Tech Sustainability Fund2150 is a venture capital firm investing in technology companies that seek to sustainably reimagine and reshape the urban environment and enable a sustainable and scalable future of mass u
2、rbanisation.2150s investment thesis focuses on major unsolved problems across what it calls the Urban Stack,which comprises every element of the built environment,from the way our cities are designed,constructed and powered,to the way people live,work,move,and are cared for.See more at 2150.vcGlobal
3、 startup&venture capital intelligence platform.Dealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneurs and government organiza
4、tions to provide transparency,analysis and insights on venture capital activity.DonePage/3 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTotal Urban Tech VC fundingUrban Tech startup funding has alre
5、ady reached$26.6B and surpassed 2020 levels but this still represents a 39%drop from 2022.This decline is largely attributable to a sharp drop in late-stage rounds,on the other hand early and breakout stages are showing more resilience.Green buildings startups are buckling the trend with$5.3B raised
6、 in 2023,on track for their best year ever and marking a threefold increase from 2020.The Urban Capital StackWith the climate tech sector maturing towards more large scale deployments and a more challenging funding environment,the capital stack for urban tech goes beyond venture capital to embrace m
7、ore debt,private equity and project infrastructure financing.Climate Tech funds are also slowing their fundraise.$13B are projected to be raised in 2023,a 64%decline compared to last year.Urban Tech startups are also raising massive amounts of non-dilutive capital,especially debt.Nearly$17B have bee
8、n raised by urban tech startups,near all-time-high and a threefold increase from 2020.Investment trendsEnable:SaaS x construction startups have suffered a whooping 68%decline in VC funding despite the construction industry productivity challenges.Build:Sustainable building construction startups on t
9、he other hand have raised a record$2.5B this year,driven by sustainable cement and green steel.Operate:Building operation decarbonization startups on track for their best year with$2.6 already raised,led by residential solar and building energy management.Experience:Driven by real world events,start
10、ups aiming to prevent and combat wildfires have raised over$100M VC funding,on par with 2021 records.Key trendsUpdating 2150 categorizes the Urban Tech landscape into 4 distinct purposes:Enable,Build,Operate and Experience.These interconnected and interdependent layers of urban environment promote s
11、ystemic changes in cities by englobling companies and solutions that can reverse cities negative impacts on the planet and accelerate positive impacts on prosperity.Within these four layers,we have identified noteworthy investment trends that exhibit significance and the potential to catalyze revolu
12、tionary advancements within these categoriesDealroom.coDonePage/4 DoneIntroductionInvestment Trends&UnicornsUrban Stack:EnableUrban Stack:BuildUrban Stack:OperateUrban Stack:Experience Table of contents1234561IntroductionClimate risk is accelerating and cities will play a key role in ensuring we can
13、 hit sustainability targets.From the buildings we inhabit,to the cars we drive,every urban element can be meaningfully addressed to advance the climate transition.Urban technologies can support us rethinking and renovating our ways of building and living in cities.DonePage/6 Source:LOGOS SPACINGYEAR
14、/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTheres a huge difference in suffered impacts between 1.5C&2.0C.https:/unfccc.int/sites/default/files/resource/cma2023_12.pdfhttps:/www.climatecouncil.org.au/resources/impacts-de
15、grees-warming/https:/ probability of surpassing the 1.5C warming limit set by the Paris Agreement is high given the current emissions trajectory and warming already exceeding+1.1C.Mitigating further temperature rise must be our primary focus,as every 0.1C increment carries major climate consequences
16、.These include escalating extreme heat,rising seas,biodiversity losses,declining crops and fisheries,and heightened threats to food security.Simultaneously,we must accelerate adaptation efforts to prepare for and manage the unavoidable impacts of a warmer world.UNFCCCs Synthesis Report of the Nation
17、ally Determined Contributions under the Paris Agreement1 projects peak warming could reach 2.1-2.8C before 2100.This underscores the urgent need for bold,transformative climate action across all fronts.2.0C1.5CX2.6 worse Extreme HeatGlobal population exposed to severe heat at least once every 5 year
18、sFloodingIncrease in flood risk70%worse Sea level RiseAmount of sea level rise by 21006cm worse2.0C13%1.5C7%X1.9 worseEcosystems Amount of Earths land where ecosystems will shift to a new biome2.0C1.5CX2-3 worseSpecies LossInsects,plants and vertebratesThat will lose half their range37%2.0C1.5C2.0C1
19、.5CInsectsPlantsVertebratesInsectsPlantsVertebrates13%14%170%100%0.46m0.40mCurrently the probability of surpassing the 1.5C target set by the Paris Agreement is high,given the current emissions trend and warming already exceeding+1.1C.Our primary focus should revolve around mitigating any rise in te
20、mperature,as each additional+0.1C carries significant consequences.These include heightened exposure to extreme heat,rising sea levels,biodiversity depletion,declines in fisheries and crop yields,posing a serious threat to food security,among other concerns.Simultaneously,the global response must sh
21、ift gears to prepare for and adapt to the anticipated impacts of a warmer world.However,UNFCCC estimates that the peak temperature before 2100 is between 2.12.8 C.Emphasises that bold,transformative action and solutions are needed.Page/7 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN
22、 CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONWhat is Urban Tech?Urban tech is a technology that improves broad urban environments to make them more sustainable,resilient and efficient.Although governments and regulation may be involved,urban tech primarily tar
23、gets the private sector,selling to businesses and consumers directly.Urbanization is accelerating,and fast.By 2050 it is expected that 68%of the global population will live in cities,up from 55%today.1 We are not prepared for the additional strain on our infrastructure,natural resources,and housing.
24、Cities consume 3/4 of the worlds final energy2 and produce 70%of GHG emissions.3 Urban Tech solutions can play a major role in reducing emissions on an accelerated timeline,which is key to managing current growth.Building effective cities requires inclusive,healthy,resilient and sustainable solution
25、s.Urban tech startups are building solutions that are reducing emissions and preserving resources TODAY.Why Urban Tech?Building automationSustainable coolingCircular buildingsAir purificationSupport a healthy lifestyleWorkplace techPassive coolingClimate resilientDonepast-report1)https:/www.un.org/d
26、evelopment/desa/publications/2018-revision-of-world-urbanization-prospects.html2)https:/www.pnas.org/doi/10.1073/pnas.1606035114 3)https:/report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_FinalDraft_FullReport.pdfPage/8 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH
27、2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONPolicies worldwide are accelerating the transition to more sustainable cities with focus on building energy efficiency,heating and cooling.Embodied carbon is also starting to appear in some legislations.Show there is a general trend.Show poli
28、cies much wider than just the build environmentEU:enough policies and new policies to transition to net zeroGermany policies for homeowners for UK some but not bestUS inflaction reductionary actEV Charging/Electrification/Energy MgtModular construction&building with wood/timberSteel/Cement/New Mater
29、ialsEV Charging/Electrification/Energy MgtSmart Buildings-Cooling/Windows/HVACHydrogen,geothermalAdaptation vs ture net-zero:2030 vs 2050 (Adaptation(Climate resilience/climate adaptation of cities):flooding,mentioned a source Policy that enables tech development:different regions actions.Inflaction
30、 reduction act,EU,UK (very local example Danish carbon tax heat pumps economically superior)Highlighted use cases from specific cities?C-40 non-profit Bloomberg backedReporting framework:Reporting frameworks/Carbon AccountingDefinitely still energy consumption of buildings is top of mind,especially
31、in Europe but globallyA few of 2150 that are exciting are Normative,Biomason,Nature Metrics and LEKO Labs.US One year after IRA2One year since passing,the Inflation Reduction Act(IRA)is visibly accelerating clean energy investment,deployment,and emissions reductions.The IRA helped drive record growt
32、h in renewable energy,with over$270 billion in capital investments according to American Clean Power Association.For the first time in the US,wind and solar supplied more electricity than coal.EV sales jumped 66%in early 2023 thanks to IRA tax credits lowering costs by up to$7,500 per vehicle.EV sup
33、ply chain investments topped$50 billion,expected to reduce production costs further.The IRA allocates$400 billion in climate incentives over the coming decade,estimated to catalyze$2.9 trillion in renewable energy investments by 2050.It provides a case study of how smart policy design can leverage p
34、rivate capital and accelerate climate solutions.EUEnergy Performance of Buildings Directive(EPBD)and Energy Efficiency Directive(EED)(2023)1Considering that of total greenhouse gas emissions in Europe can be attributed to the building sector,the EU has recently installed new measures aimed to decarb
35、onize existing buildings,such as:Zero emissions buildings(ZEBS)All buildings will have to receive a label D by 2033 and A by 2050.Low carbon district heatingBy 2040 fossil fuel heating should be obsolete and replaced by mandatory solar installations.DenmarkNet-Zero Buildings(2023)3Starting this year
36、 a maximum value of greenhouse gas emissions for new buildings was put in place on a national scale by the Danish Ministry of Interior and Housing.This initiative made Denmark the first country to introduce embodied carbon limits into building regulations.The entire life cycle of the building is con
37、cerned as the regulation aims to minimise energy and resources consumption,include recycling measures,all the while taking into account social and financial values.1)https:/ 2)https:/www.carbon- fact a target of 50%renewable and waste heat has been set for 2035 for all district heating networks.done
38、UKBNG(2023)Biodiversity Net Gain(Nov 23)-UK development Page/9 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2 Get the first edition hereOne year ago,2150 and Dealroom launched the second edition of t
39、he Urban Tech report.We highlighted that the battle for climate change will be won or lost depending on how well we innovate within our cities and urban environments.In the past two editions,we had highlighted how Urban Tech funding had grown in recent years,mainly driven by mobility and clean energ
40、y,while the building sectors kept remaining underfunded.This has finally changed with green building startups attracting 3x more funding than 3 years ago,amid a broader market downturn strongly notable especially in more mature segments like mobility.Key segments like sustainable steel and cement wh
41、ich were nascent back in 2021 when we started this journey,are now reaching large industrial scale and starting to breed unicorns.This year we will investigate how we are standing on these topics and how things have been evolving.and cover emerging trends in construction project management,sustainab
42、le building construction materials&processes,building decarbonization and wildfire management.This is the 3rd Urban Tech report by 2150 x DealroomDoneGet the second edition hereTo updateOne year ago,2150 and Dealroom launched the second edition of the Urban Tech report.We highlighted that the battle
43、 for climate change will be won or lost depending on how well we innovate within our cities and urban environments.Last year,we highlighted how Urban Tech funding has been booming in the past years.The main segments driving this boom in Urban Tech have been within clean energy or mobility,while high
44、 emission sectors,such as heating,cooling,concrete,steel and alternative materials,have been heavily underfunded.However,six sustainable infrastructure&materials companies became unicorns last year alone,growing at a rapid pace and segments like concrete and cement had their best year.This year we w
45、ill investigate how we are standing on these topics and how things have been evolving.We will also look into adaptation vs mitigation strategies for cities and cover emerging trends in biodiversity tracking,energy efficiency in buildings,decarbonizing the construction industry/modular construction a
46、nd flood management.Dealroom.co2Investment Trends&UnicornsDonePage/11 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION20021 YTD20192020In the past years,sustainable cement startups raised a
47、negligible amount of capital.This changed in 2021.VC investment into Urban Tech startups view onlineUrban Tech startup funding has already surpassed 2020 levels this year,with$26.6B raised so far in 2023,but the total is projected to be 39%lower than in 2022.5.0B10B15B20B25B23.3B5.3B4.4x8.2B15B14B15
48、B2022 projectedDone$21.6B$26.6BDealroom.co|Data as of 1st Nov 2023$31BProjection 415m(series A)14m(seed)01m(pre-seed)250m+100250m 40100m(series C)1540m(series B)LateBreakoutEarlyPage/12 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH
49、/MAIN CONTENTFOOTERGRAPH 1GRAPH 2 415m(series A)14m(seed)01m(pre-seed)ProjectionWhile every stage has experienced declines,late-stage rounds have especially dried up.100250m 250m+ProjectionLate 40100m(series C)1540m(series B)ProjectionBreakoutEarlyDealroom.co|Data as of 1st Nov 2023DoneView more Vie
50、w more View more Page/13 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONVC investment into green buildings*startups view onlineFunding for green building startups is already at record high levels with
51、$5.3B in 2023,projected to grow over 3x in respect to 2020.Done$5.3BDealroom.co|Data as of 1st Nov 2023*Green buildings startups refers to startups working to make buildings more sustainable by,among others,making sustainable materials(cement,steel,biomaterials,etc),construction processes(modular,et
52、c),decarbonizing heating,cooling and lightning(solar panels,heat pumps,etc),energy efficiency startups,software for real estate developers or landlords to decarbonize buildings.Projection 415m(series A)14m(seed)01m(pre-seed)250m+100250m 40100m(series C)1540m(series B)LateBreakoutEarlyPage/14 Source:
53、LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONEarly stageSpan,Woltair,Electric Hydrogen1KOMMA5,Carbon Cure Technologies,AerosealHomeTree,HeatTransformers,CeiboPlan A,Zeway,PonyBoston Metal,LuxWall,MillMeasu
54、rabl,Blokable,enVeridVARM,Span,EnterPre-seed and seedWatershed,Electra,WoodooAscend Elements,Gradient,Mojave Energy SystemsBOLDR,Lun,Material EvolutionEcoworks,42watt,Climate XMighty Buildings,Enter,TangiblePre-seed and seedhttps:/app.dealroom.co/investors/lowercarbon_capitalhttps:/app.dealroom.co/i
55、nvestors/green_angel_ventures_1https:/app.dealroom.co/investors/at_one_ventureshttps:/app.dealroom.co/investors/myclimatejourneyhttps:/app.dealroom.co/investors/_bermorgen_ventureshttps:/app.dealroom.co/investors/paleblue_vchttps:/app.dealroom.co/investors/norrsken_vc Late stagehttps:/app.dealroom.c
56、o/investors/temasekhttps:/app.dealroom.co/investors/riverstone_holdingshttps:/app.dealroom.co/investors/stellantis_ventureshttps:/app.dealroom.co/investors/eneos_innovation_partnershttps:/app.dealroom.co/companies/siam_cement_group https:/app.dealroom.co/investors/investment_ab_kinnevik Early stage2
57、150https:/app.dealroom.co/investors/statkraftventureshttps:/app.dealroom.co/investors/ap_ventureshttps:/app.dealroom.co/investors/demeter_partners https:/app.dealroom.co/investors/etf_partnershttps:/app.dealroom.co/investors/participatiefonds_duurzame_economie_noord_hollandhttps:/app.dealroom.co/inv
58、estors/nysn_climate_investmentsMost active sustainable urban tech venture funds.Late stageH2Green Steel,Ola Electric Mobility,Atomberg TechnologyCarbon Upcycling Technologies,Gradient,AerosealAther Energy,Euler Motors,ABB E-mobilityRedwood Materials,Span,Magrathea MetalsCarbon Cure Technologies,Carb
59、on Capture,Forum MobilityEnpal,Palmetto,UBQ MaterialsAira,H2Green Steel,VianodeDealroom.co The most active investors have been selected according to the number of sustainable urban tech rounds in which they invested into.-Check at least 1 investment in 2023Ready for design Pre-seed and seedUrbio,The
60、rma,BlocPower,Singularity,CycleFreeWire Technologies,Shoreline,AbatableZoomo,Imbalance grid,UrbioAudette,Axiom Cloud,AmpUpClimateView,Whywaste,NorthvoltClimate X,Monta,HIVED011h,Mighty Buildings,JunoLate stageForm Energy,Sense,ZolarMainspring,Katerra,OriRedwood Materials,Twelve,Joby AviationSolugen,
61、Svante,SES Form Energy,PatchBoston Metal,Joby Aviation,RivianEarly stageForm Energy,Electra,LuxWall,EcocemForm Energy,Terabase,SensePlan A,See You Sun,DeepkiSolugen,Cloud to Street,CervestVeev,Sealed,ICON,SmartRentDisperse,Ampd Energy,Nodes&LinksBuiltRobotics,Measurabl,Blue Frontier,MosaicClimateX,S
62、pan,PassiveLogic,011hMaterial evolution,Beam up,VizcabHived,Ember,Climate XPage/15 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn the past years,sustainable cement startups raised a negligible amou
63、nt of capital.This changed in 2021.Corporate investment into Urban Tech startups view onlineCorporate investment in Urban Tech increased substantially,growing 8x since 2016 to 5.8B in 2021 year to date.DoneWhile corporate funding has drastically increased over the past decade,2023 levels are project
64、ed to decline by 16%compared to last year.Dealroom.co Data as of 1st Nov 2023 Page/16 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn the past years,sustainable cement startups raised a negligible a
65、mount of capital.This changed in 2021.Climate Tech investors are projected to raise$12.2B in 2023,a 64%decline compared to last year.Corporate investment in Urban Tech increased substantially,growing 8x since 2016 to 5.8B in 2021 year to date.DoneSource:Dealroom.co.Other rounds include Growth Equity
66、,Debt and Buyouts.Data as of Nov 3rd 2023.Amount of new Climate Tech funds raised by year$1.6B debt$3.5B debt2000222023*Selected Climate Tech funds raised in 2023Newly launched fund in 2023Dealroom.co.Data as of Nov 3rd 2023.Page/17 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAP
67、H TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn the past years,sustainable cement startups raised a negligible amount of capital.This changed in 2021.Urban Tech startups are also raising massive amounts of non-dilutive capital,especially debt.
68、Corporate investment in Urban Tech increased substantially,growing 8x since 2016 to 5.8B in 2021 year to date.DoneSource:Dealroom.co.*2023 data up to Nov 1st 2023.The stats above include explicitly labelled debt.Convertible are included in VC equity financing stats instead.Some late-stage VC financi
69、ng labeled in Dealroom as“growth equity”might included undisclosed an debt portion,this is not added as estimation here in the scope of this report.Largest debt and grant financing to Urban Tech startups(2022-2023)Debt&Grant funding to Urban Tech startups$1.6B debt$3.5B debtView more 2001
70、92020202120222023*Dealroom.co|Data as of 1st Nov 2023The stats above include explicitly labelled debt.Convertible are included in VC equity financing stats instead.Some late-stage VC financing labeled in Dealroom as“growth equity”might included an undisclosed debt portion,this is not added as estima
71、tion here in the scope of this report.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGIn the past years,sustainable cement startups raised a negligible amount of capital.This changed in 2021.https:/ McKinsey estimates$4.5 trillion per year through 20
72、35 in infrastructure alone.In a recently released report the Climate Crisis Advisory Group(CCAG)stated that there is a$630 billion per year financing gap to support cities transition to net zero.A World Economic Forum working group calculated that the investment required for adapatation(should we no
73、t achieve mitigation targets)could rise to$560 billion by 2050 in emerging markets alone.Corporate investment in Urban Tech increased substantially,growing 8x since 2016 to 5.8B in 2021 year to date.Urban capital stack:Urban partners announced in May:https:/ there any example of a startup supported
74、by 2150,then involved in Nrep decarbonization or raising credit from Velo Capital/infrastructure financing from Luma Equity?https:/ Partners is a platform of vision-aligned,differentiated,investment verticals shaped around urban problem solving.With four verticals and close to 20bn under management,
75、we invest in assets,companies,technologies,and solutions.Across our platform,we share the same vision and values-and the aspiration to build the worlds leading urban investment company:Any insight we can feature?2150QuoteWe must maximize collaboration among all stakeholders and jointly channel resou
76、rces into scaling high-impact solutions.With Urban Partners,we aim to bridge the gap between people,cities,and capital,aligning their interests to drive systemic transformation.By leveraging our collective capabilities,we can identify,fund and support those technologies and business models that will
77、 catalyze climate mitigation and adaptation actions where it matters most-the urban landscapes where over half the worlds population lives.Working together,we can build thriving resilient cities and a livable future for all.The urban capital stackJens Stender Co-CEO and Partner at Urban Partners2150
78、:Venture capital for urban sustainability and decarbonizationLuma Equity:Private equity for scaling companies with proven solutions to accelerate urban sustainabilityVelo Capital:Debt financing solution to enable greener assetsNrep:Real estate equity for customer-centric and sustainable real estateP
79、rivate equity for scaling companies with proven solutions to accelerate urban sustainabilityVenture capital for urban sustainability and decarbonizationInnovationDeploymentPrivate equity for scaling companies with proven solutions to accelerate urban sustainabilityDebt financing solution to enable g
80、reener assetsReal estate equity for customer-centric and sustainable real estateUrban SolutionsPrivate CreditReal AssetsUrban DevelopmentPage/18 Source:Dealroom.co Done“Accelerating urbanization has put cities at the center of climate challenges,and it is where the climate battle will be won or lost
81、.Urban SolutionsPrivate CreditReal Assets Urban DevelopmentDeploymentInnovationPage/19 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION0989138 of the 157 Urban Tech unicorns are operating in
82、 either clean energy or mobility,but other categories have been emerging since 2020.Source:Dealroom.co.Data as of 1st Nov 2023.Number of Urban Tech unicorn per segment(cumulative)DonePage/20 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN
83、HERE EXTRA CONTENT/SOURCES/INSPIRATIONSustainable building constructionBuilding energy efficiencyBuilding energy efficiencyWaste managementIntelligent infrastructureSolar energy represent most of the urban tech unicorns,they emerged in 2019 and experienced a boom in 2021.More recent trends include s
84、ustainable construction and energy efficiency for buildings.20202000142013Year$1B+valuation reached2021To add?Blacksky globalSatellogic(Humanitarian Assistance&Disaster Response)2022 saw 2 Urban Tech emerge within ESG&carbon tracking,.2021 saw 8 new Urban Tech unicorns emerge w
85、ithin infrastructure and sustainable materials.Sustainable Steel2023Sustainable InfrastructureResidential energy storageWater treatmentUrban Tech unicorns per segment,excluding clean energy and urban mobilityThe biggest subcategories of Urban Tech unicorns are sustainable building construction and b
86、uilding energy efficiency companies.Carbon recyclingWaterEnergy savingFood wasteDealroom.co.A unicorn is defined as a rapidly scaling company(and tech enabled)that has reached a$1 billion valuation,on the basis of a funding round(unrealised),acquisition or IPO(realised)DoneBuilding energy efficiency
87、Sustainable building constructionWaste managementESG&Carbon Tracking3EnableEnabling infrastructure technologies and platforms that allow urban areas to scale sustainably and resiliently.TBD:Nodes&links&disperse:project management for construction techNormative(GHG accounting).CA SB 253 The Climate C
88、orporate Data Accountability Act:Requires that an entity that operates in California with over$1 billion annual revenue to report on Scope 1&2 by 2026 and Scope 3 by 2027.Potential tailwind for Normative.Status:enrolled September 14,2023,awaiting signature.Urban footprint(Climate risks)-TCFD(becomin
89、g mainstream in the US)&CA SB 261 The Climate-Related Financial Risk Act:companies with$500 million in revenue doing business in California to report every two years on climate-related financial risks starting on or before Jan.1,2026DonePage/22 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/IN
90、SPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2The construction sector still rely on traditional tools,lacking in digital transformation.Ready for designDesign doneConstruction is lagging behind with declining productivity,rising costs and traditional too
91、ls.This opens the opportunity for startups to disrupt the construction tech landscape.According to a recent survey,an astounding 85%of respondents in the European construction sector still lean on Excel for short-term planning2.To address this productivity gap,a wave of startups has emerged in the c
92、onstruction tech landscape,aiming to disrupt traditional practices.Construction Tech involves the application of new digital technologies across three key construction phases:development,planning,and building.Typically software-based,Construction Tech companies aim to enhance innovation in the digit
93、ization and sustainability of the sector.These companies are indispensable for several reasons,including enabling seamless collaboration,real-time updates,maintaining an audit trail,automating processes to reduce errors,and being tailored specifically for the unique needs of the construction industr
94、yall contributing to ensuring quality and timely project delivery.1)EUROSTAT,ING:Lagging productivity in construction is driving up building costs2)https:/ doneDecline in construction labour productivitySince 1995,construction labour productivity has stagnated,while it nearly doubled for manufacturi
95、ng.1Rising costsFrom 2012 to 2020,the average price increase of production(value-added share)in European construction was 2.3%per year compared to 1.0%in manufacturing.In the preceding period(2002-11),the price difference was even greater.A recent survey has pinpointed a crucial factor contributing
96、to this efficiency gap:an astounding 85%of respondents in the European construction sector still lean on Excel for short-term planning2.To address this productivity gap,a wave of startups has emerged in the construction tech landscape,disrupting traditional practices.Construction Tech involves the a
97、pplication of new digital technologies across three key construction phases:development,planning,and building.The sectors substantial size and disruptive potential make it an appealing space for startups,providing innovative solutions throughout the value chain,from material markets to collaborative
98、 project planning.Typically software-based,Construction Tech companies aim to enhance innovation in the digitization and sustainability of the sector.These companies are indispensable for several reasons,including enabling seamless collaboration,real-time updates,maintaining an audit trail,automatin
99、g processes to reduce errors,and being tailored specifically for the unique needs of the construction industryall contributing to ensuring quality and timely project delivery.Page/23 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXT
100、RA CONTENT/SOURCES/INSPIRATIONSource:Dealroom.co.Data as of Nov 8th 2023.VC Investment into SaaS x construction startups view onlineVC funding for construction SaaS startups peaked in 2021,investments have plummeted this year,expected to decrease 68%from last year.Selected project management startup
101、sfor construction tech-https:/app.dealroom.co/companies/disperse_io/-https:/app.dealroom.co/companies/nodes_links/-https:/app.dealroom.co/companies/contilio-https:/app.dealroom.co/companies/xyz_reality-https:/app.dealroom.co/companies/capmo-https:/app.dealroom.co/companies/traceair-https:/app.dealro
102、om.co/companies/sensat-https:/app.dealroom.co/companies/procore_technologies-https:/app.dealroom.co/companies/continuum_industriesdone$865M KaterraSource:Dealroom.co.Data as of Nov 8th 2023.Not all SaaS x construction startups are considered impact in Dealroom.Here we included all startups in the se
103、gment beyond the impact classification.4BuildHow we build including planning,materials,construction and processes.DonePage/25 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Embodied carbon is key to b
104、uilding decarbonization.The main driver of embodied carbon emissions are building materials(3).Ready for designDesign doneEmbodied carbon accounts for almost a third of building sector emissions,mainly driven by construction materials(above all cement and steel).Globally,embodied carbon is responsib
105、le for 11%of annual GHG emissions and 28%of building sector emissions(1).As operational energy efficiency increases,the impact of embodied carbon emissions in buildings will become increasingly significant.Unless our construction methods change,building materials will cause emissions of 150 GtCO2 be
106、tween 2020 and 2050,eating up 30%of our remaining 1.5C-compatible CO2 budget.carboncureWorld Green Building CouncilBuildings are currently responsible for 39%of global energy related carbon emissions:28%from operational emissions,from energy needed to heat,cool and power them,and the remaining 11%fr
107、om materials and construction.In the report,WorldGBC has issued a bold new vision that:By 2030,all new buildings,infrastructure and renovations will have at least 40%less embodied carbon with significant upfront carbon reduction,and all new buildings are net zero operational carbon.By 2050,new build
108、ings,infrastructure and renovations will have net zero embodied carbon,and all buildings,including existing buildings must be net zero operational carbon.Building green“Concrete is the most abundant human-made material in the world,cement production creates 7%of the worlds CO2 emissions and is the l
109、argest contributor to embodied carbon in the built environment.”linkEmbodied Carbon 101:Building MaterialsHow to eliminate the emissions hidden in concrete,steel,insulation,and other building materialsCement in particular is the most abundant human-made material in the world,cement production create
110、s 7%of the worlds CO2 emissions and is the largest contributor to embodied carbon in the built environment.1)World Green Building Council(https:/worldgbc.org/advancing-net-zero/embodied-carbon/)2)RMI(https:/rmi.org/embodied-carbon-101/)3)Architecture 2030(https:/ MaterialBuilding Operations20%100%40
111、%60%80%0%90%10%Carbon EmissionsBuilding Sector CO2 EmissionsNew Construction:2015-2050Building Materials90%Page/26 In the past years,sustainable cement startups raised a negligible amount of capital.This changed in 2021.Sustainable building construction startups have raised$2.5B in 2023,by far more
112、than ever before,even if vastly led by H2 Green Steel$1.5B megaround.Explore 160+sustainable building construction startups view onlineInvestment into sustainable building construction startups view onlineSource:Dealroom.co.Data as of 1st Nov 2023.$2.5BDonePage/27 Source:LOGOS SPACINGYEAR/EXTRA LABE
113、LTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONIn the past years,sustainable cement startups raised a negligible amount of capital.This changed in 2021.The rise in funding for sustainable building construction is mainly coming from mat
114、erials innovation such as sustainable steel,cement and biomaterials.Investment into sustainable building construction startups20022$250M$500M$750M$1.0B Wooden buildingsPrefabricated construction Modular construction Bio&circular construction materials3D printed architectureCement x carbon
115、 capture and sustainable cement Sustainable steelTop rounds with segment indicatedNotable rounds in sustainable building construction in 2023 StartupFunding roundFocus1.5B Growth Equity VCGreen steel$262M Series CGreen steel100M Series BModular construction70M Growth Equity VCModular construction$80
116、M Late VC Sustainable cement$53M Late VC3d printed construction$40M Series ASustainable cement Investment into sustainable building construction startups Dealroom.co.Data as of Nov 1st 2023.Updating DoneSensors and platforms to monitor,control and optimize buildings,cities,and streets.5OperateSensor
117、s and platforms to monitor,control and optimize buildings,cities,and streets.DonePage 29 1)https:/globalabc.org/resources/publications/2021-global-status-report-buildings-and-construction 2)https:/ec.europa.eu/energy/eu-buildings-factsheets_enBuilding energy usage account for 27%of global CO2 emissi
118、ons.1To tackle this,it is pivotal to have stringent energy standards for new buildings,from construction design to materials used and appliances chosen.However,most residential buildings were built before thermal standards were introduced.In the EU,half of the buildings are pre-1970,when the first t
119、hermal regulations came into place.2For this reason it is key to be able to retrofit existing building A wide range of solutions are required for this such us:-New heat and electricity sources,such as residential solar,heat pumps,geothermal.-More efficient heating and cooling tech,from new more effi
120、cient appliances to SaaS and IoT to optimize legacy systems.-Building energy management and smart home solutions,managing all aspects of heating,cooling,lighting,air quality and interaction with energy storage and EV charging.-Insulation and other energy retrofitsSource:Building decarbonization requ
121、ires a wide range of solutions.Solar/StorageLightning ControlWindow ShadingPlug-load controlsEnergy management systemHVA Zone ControlsSmart lightingWater management sensors House decarb:operations.EV charging,solar panels,heat pumps,xx (Aeroseal or Kelivn Radiator Labs)ThoughtsSmart buildings were o
122、riginally conceptualized as proptech,but theyre seen as climate now.xxLocal regulation rules in real estate,and cities want to decrease their carbon footprints What is their#1 tool to do so?Targeting the emissions of the biggest culprit,real estateNew York building regulationNew York City,which has
123、one of the first and most expensive carbon taxes,landlords will face a$268 fine for every ton of CO2 emitted beyond the limit starting next year.A Wall Street Journal analysis anticipates a hefty tax bill of over$50 million for 128 such properties within the initial 5 year compliance period.Fines fo
124、r the same building could jump to$214 million for the 2030 reporting period.(link)The Real Estate Board of New York,an industry group,and engineering consulting firm Level Infrastructure said that more than 13,000 properties could face fines totaling about$900 million annually.Updating Ready for des
125、ignPage/30 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONInvestment in building operation decarbonization have already raised$2.6B in 2023,on track for a record of over$3B.Investment into building op
126、eration decarbonization view onlineNotable rounds in building operation decarbonization in 2023.Need to do:We need to have“residential solar”tag on all startups with solar+urban techGood to update these two landscapes:Green buildingsBuilding energy efficiencyDo we want to count things like Deepki,Me
127、asurabl?StartupFunding roundFocus430M Series BBuilding energy management215M Series DResidential solar installation$150M Growth Equity VCSaaS for end-to-end residential solar operations.108M Late VC Heat Storage$96M Series BBuilding energy management87M Late VC Heat pumps$30M Series ASmart heating r
128、etrofitHometree,opensolar,kelvin1komma5$2.6BDealroom.co.Data as of Nov 1st 2023.DonePage/31 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Building energy management has attracted the most funding,fol
129、lowed by residential solar.Heat pumps and energy retrofit have also shown strong growth.Explore 300+Building energy efficiency startups view onlineInvestment into building energy efficiency startups done 20022$100M$200M$300M$400M$500M SaaS IoT for heatingBuilding management optimization S
130、aaS IoT for cooling Energy retrofitsSmart windows Efficient air cooling&heating appliances Smart home management appsDealroom.co.Data as of Nov 1st 2023.2018 peak to due smart windows megaroundGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACINGPage/32 S
131、ource:Startups are tackling old buildings energy efficiency,supported by increasing building regulation.Retrofitting old buildings is expensive,therefore we need innovative ways to make buildings more efficient.Local Law 97(LL97)in NYC puts carbon caps and reductions on buildings over 25k sq ft.Affo
132、rdable Housing Buildings that include affordable and rent-regulated housing are not exempt from the requirements of Local Law 97 but may be treated differently.Starting in 2024,many aspects of the law will phase in over time.Carbon caps will become more stringent over a series of compliance periods
133、through 2049.In 2050,all buildings will have to meet zero emissions requirements.Marshall CoxFounder and CEO at Kelvin“New York City alone has over 3.5 million apartments heated by inefficient,central boiler-powered steam radiators.Kelvins non-invasive approach delivers substantial energy savings an
134、d emissions reductions,avoids the need to retrofit the underlying infrastructures completely,and sets up the building to fully electrify at boiler end-of-life.This empowers building owners to take control of these old radiators and unlocks decarbonization benefits for the millions of older buildings
135、 heated by legacy steam systems.”Of the energy consumed in U.S.multi-family buildings,approximately 25%is used for space heating.“2150,Dealroom.coMap of New York building energy efficiency.Most building in New York still rank low on energy efficiency rating.Source:https:/www.nyc.gov/DoneSensors and
136、platforms to monitor,control and optimize buildings,cities,and streets.6ExperienceSensors and platforms to monitor,control and optimize buildings,cities,and streets.Urban Greening:Paris Plans to Plant Trees That Can Survive Climate ChangeAs part of a new urbanism plan for a“bio-climatic”city,officia
137、ls hope to plant species that will be more resistant to heat.DonePage/34 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Wildfires is one of the biggest threats to the security of cities and their deve
138、lopment.1)https:/www.wri.org/insights/global-trends-forest-fires2)https:/ 3)https:/www.weforum.org/agenda/2023/07/wildfire-risk-extreme-heat-changing-insurance-industry/4)https:/ 2023 Canada wildfires emissions have already doubled previous annual recordThe rising risk and impact of wildfiresForest
139、fires now result in 3M more hectares of tree cover loss per year compared to 2001,and accounted for more than one-quarter of all tree cover loss over the past 20 years.In fact,only in the period between January and July 2023,Canada saw 9.5M hectares of its land wiped,the equivalent surface area of P
140、ortugal 1.Wildfires can also make cities unlivable,drastically worsening air quality.As a result of Canadian wildfires,New York City experienced the worst day of air pollution on US record 2.The wildfire crisis is also becoming an insurance crisis.In 2023 in the US,wildfires have already caused over
141、$1B in damages.As a result insurers are now refusing to offer insurance coverage in certain high-risk areas 3.Wildfires not only disrupts the lives and communities exposed to it,but also leaves a lasting impact on the environment.This year,Canada experienced the widespread effects of wildfires,resul
142、ting in a significant aftermath:a staggering 2 billion tonnes of CO2 were released,roughly tripling the entire countrys annual carbon footprint 4.To put it in perspective,considering emissions only from January 1st to July 31st,the amount released into the atmosphere equals the annual emissions from
143、 over 285 coal-fired power plants 5.1)https:/www.wri.org/insights/global-trends-forest-fires2)https:/ 3)https:/www.weforum.org/agenda/2023/07/wildfire-risk-extreme-heat-changing-insurance-industry/4)https:/ Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABEL
144、TITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Investments in wildfire startups have grown 7x since 2018 and projected to match all-time-high 2021 levels by years end.Investment into flood prevention,monitoring and response startups view online2001920202021$50M$150M$250M2022YTD$100
145、M$200M$0-1M(pre-seed)$1-4M(seed)$4-15M(series A)$15-40M(series B)$40-100M(series C)$100-250M$250M+$201M*$163M$213MReally cool:fire competitionInvestment into wildfire management startups view onlineExplore 70+wildfire management startups view online$107MDealroom.co.Data as of Nov 1st 2023.donePage/3
146、6 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Wildfire detection tech has attracted the most funding across wildfire startups.A lot more funding has been directed to climate catastrophe insurance a
147、nd air quality.Forestry managementUse of satellite imagining,drones and other sensors to acquire data and plan forest management,as well as electric lines monitoring Wildfire detection techUsing satellite&imaging or gas sensors&IoT networks to fastly detect wildfires Wildfire threat response Tactica
148、l and operational management software for firefighters,as well as tech for firefighting such as drones PreventionReal-timeAir quality monitoring&treatment*Sensors and data analysis solutions to monitor air quality,as well as devices for the purification of air(especially for indoor spaces).Overall,a
149、ir monitoring startups are the ones attracting the most funding.Disaster recovery xxx Combined funding:$xMExamples:Post-eventClimate catastrophe insurance*Insurance coverage for extreme-weather events such as wildfire,flooding and storms.Mostly data providers,risk assessment or parametric insurance
150、MGAs.DoneYokahuTo check startups here:link,linkAnd add tag“air quality monitoring&treatment”,relevant SDGsAnd add to landscape:linkView more View more View more View more View more Dealroom.co.Data as Oct 31st *Not included in overall wildfire management funding in slide beforeCombined funding:$72ME
151、xamples:Combined funding:$112MExamples:Combined funding:$77MExamples:Combined funding:$790MExamples:Combined funding:$1.1BExamples:Top 100 urban tech startups to watch based on Dealroom signal.Source:Dealroom.co.Gigacorn(noun)def:a company that has achieved lowering or sequestering CO2 emissions by
152、1Gt/year while being commercially viable.(more on Gigacorns here)Globally we emit 36GT annually.For perspective 1GT is equal to the entire emissions from the EU transportation sector annually,or 30%of all EU emissions.We have gone from 338 unicorns in 2015 to 1,967 now,but only 75 are in the Urban T
153、ech sector.We need to catalyze Gigacorns,just 36 can get our global emissions to net zero.We have not yet seen a Gigacorn,but over the last six years sustainable Urban tech unicorn growth has been 9.3x,compared to the overall number of unicorns at 5.8x.Weve ranked the top 100 urban tech startups to
154、watch based on Dealroom Signal:a powerful algorithm helping VCs,Corporates and Governments find the most promising up and coming startups.Top 100 Urban Tech Startups to WatchDonePage/38 Environmental,Social and Corporate Governance(ESG)REDUCING RISK FOR INVESTORS(SHAREHOLDERS)ImpactDOING GOOD FOR TH
155、E WORLD(STAKEHOLDERS)Impact is to have sustainability at the core.In this report,an impact startup is a company that addresses one or more UN Sustainable Development Goal(SDGs)at the core of its business and the potential to scale.Our litmus test:if you remove the impact,you also remove the business
156、.Impact is often confused with ESGs,while the two concepts have strong differences.ESGs look at improving financial returns by reducing the risk of the investment,but do not factoring in positive or negative impact on the world(inside-in view).Impact instead look to solve societal challenges and do
157、good for the world(inside-out view)Our full taxonomy is available at this link.In this report we examined over 11,000 global VC-backed impact startups.Source:Page/38 Impact and ESGs are two vastly different things with little overlap.Impact sits within a broader framework of Environmental,Social and
158、 Corporate Governance(ESG)which seeks to reduce the harmful impact of business.ESGs do not necessarily lead to positive impact on the world.DoneDealroom.co.Page/39 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/
159、INSPIRATION2150 measures the sustainability impact of its investments and portfolio.This analysis considers the current and potential future impacts from a companys and/or its products ability to have quantifiable benefits on the climate and environment.These calculations speak to the 2150 Impact Pr
160、inciples embedded in our Impact Score,as well as enable us to articulate and report the impact of our companies and portfolio.We frame our impact calculations within a selection of KeyPerformance Indicators(KPI)and the Sustainable Development Goals to have a common framework for assessing benefits.T
161、hese KPIs cover both common metrics such as climate mitigation,as well as more company specific outcomes such a resilience and pollution benefits.Working with companies and industry experts,we model the scale of impact to at least 2040 for each investment.Projected Impact MethodGHG emissions savings
162、Tonnes CO2 eq./yrEnergy savingsGJ/yrRenewable energy generatedMWh/yrWater savingsm3/yrResource savingsTonnes/yrIncreased human healthQALYReduced weather disruptionDays/yr2150 key performance indicators Reduced weather damage%PM air pollution reductionTonnes PM/yrNOx air pollution reductionTonnes NOx
163、/yrSOx air pollution reduction Tonnes SOx/yrIndividuals benefiting IndividualsDealroom.co.DonePage/40 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Methodology and definitions.Venture capital investm
164、entInvestment numbers refer to rounds such as Seed,Series A,B,C,.late stage,and growth equity rounds.Venture capital investment figures exclude debt or other non-equity funding,lending capital,grants and ICOs.Buyouts,M&A,secondary rounds,and IPOs are treated as exits:excluded from funding data.Inves
165、tment rounds are sourced from public disclosures including press releases,news,filings and verified user-submitted information.Underlying dataDealrooms proprietary database and software aggregate data comes from multiple sources:harvesting public information,user-submitted data verified by Dealroom,
166、data engineering.All data is verified and curated with an extensive manual process.Most underlying data from the report is available online via https:/dealroom.co/For more info please visit dealroom.co or contact supportdealroom.coStartups,scaleups,grownups and techCompanies designed to grow fast.Ge
167、nerally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies,like Arrival or Northvolt.Only companies founded since 1990 are included in this report.ImpactIn this report,an impact startup is a company that addresses one or more UN Sustainable Development Goal(SDGs)at the core of its business and the potential to scale.Our litmus test:if you remove the impact,you also remove the business.Urban techGlossary&DefinitionsDealroom.co.Done