Former LA Lakers Champion Rick Fox Raises $12m Pre-seed Investment for World’s First Carbon Negative Building Material

Climate technology company Partanna Global has secured a USD$12m investment in pre-seed funding from global venture capital fund Cherubic Ventures.

Partanna is behind the development of the world’s first carbon negative building material which avoids emissions and removes CO₂ naturally. The material is as durable, affordable, and versatile as traditional concrete, and generates top-performing, carbon removal credits.

The technology offers a commercially scalable alternative to cement – which contributes to 9% of annual global carbon emissions – and other carbon intensive cement alternatives.

Cherubic, which has backed Ring, Wish, Him & Hers and Flexport at early stage, will support Partanna’s ambitious growth strategy as it seeks to implement a paradigm shift in how the world builds. The VC firm will work with Partanna’s co-founders, architect Sam Marshall, and entrepreneur and former 3-time champion of the LA Lakers Rick Fox, to establish partnerships with sovereign governments and developers around the world.

Designed to breathe like a tree, a regular Partanna concrete masonry unit block will avoid and remove 14.3 kg (31.4 lb) of carbon. One 1,250 square-foot home would remove almost 130 metric tons of CO2 and avoid another 54 metric tons, delivering 182.6 carbon credits.

At COP27, Partanna signed a historic agreement with the Bahamas government to build 1,000 affordable homes using its technology. This accomplishment spurred an MoU with Red Sea Global.

This year, Partanna is proving its technology through the delivery of its first 30 carbon-negative homes in the Bahamas – and is currently selling carbon credits associated with this project. It is now seeking to scale and offer its patented technology to the world, through its wholesaling and licensing verticals. 

To further strengthen Partanna’s mission, the company has recently made high profile additions to its advisory board, including world-renowned marine ecologist Carlos Duarte and IMF assistant director Ralph Chami.

Rick Fox, Co-Founder and CEO of Partanna Global, said:

“Cherubic is an exciting partner, with the right experience, expertise and energy to support our growth. Our mission is to disconnect global development from pollution, so to support these large-scale ambitions, we sought a partner with a global outlook that strives for social impact as well as scale. We’re delighted to have found that partner in Cherubic.”

Matt Cheng, Founder and Managing Partner of Cherubic Ventures, said:

“Climate change is undoubtedly one of the most significant challenges of our time. It is a global problem that requires global solutions.

“Partanna is a company that offers genuine hope at this moment of increasing pessimism.

“The technology that Partanna has developed and proven has the potential to transform multiple industries and significantly reduce the carbon footprint of businesses worldwide. This innovative and forward-thinking approach is precisely what our planet needs.

“As a company, we have a history of investing in visionary founders who are dedicated to making a substantial global difference. With Partanna, we see the same potential for transformative change, and we are committed to providing the resources and insights needed to help expedite the worldwide implementation of their ground breaking technology.”


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