InnoCSR announced a significant milestone in its mission to transform traditional brick manufacturing. In a successful Series A funding round, the company has secured substantial investment from ADB Ventures, alongside support from Singapore’s Garden Impact Fund and Clarion Newlife Capital. This strategic infusion of capital will accelerate operations and drive widespread adoption of the Good Bricks System across Nepal and the broader Asia region.
The Good Bricks System is a cutting-edge, non-fired brick-making technology designed to drastically reduce the environmental, economic, and health impacts traditionally associated with brick production. With South Asia home to nearly a quarter of global fired brick production, and Nepal alone generating 37% of its CO2 emissions from brick kilns, the Good Bricks System presents a game-changing solution.
Unlike conventional fired bricks, which are made by baking clay at high temperatures and often require the use of coal, the Good Bricks System creates high-quality, durable bricks without firing. By partnering directly with brick kiln owners, the system ensures cost competitiveness and enhanced productivity, addressing industry challenges while offering a holistic environmental solution.
Arsalan Farooquee from ADB Ventures emphasised the potential for a meaningful shift in the carbon-intensive brick manufacturing industry in South Asia. “With ADB’s extensive infrastructure operations in the region,” he noted, “there is a strong synergy that can be leveraged to support the deployment of impactful tech solutions like the Good Bricks System at scale.”
The investment from Garden Impact Fund, Clarion Newlife Capital, and ADB Ventures is a testament to the potential of the Good Bricks System. “We are thrilled to receive this investment,” said Sam Yoonsuk Lee, InnoCSR’s Chief Executive Officer. “It not only reaffirms the positive impact of the Good Bricks System but also propels us closer to our vision of transforming the brick manufacturing industry which has lacked innovation.”
Already gaining momentum in Nepal, the Good Bricks System is scheduled for launch in India and Pakistan in early 2024. This expansion aims to further solidify the company’s commitment to advancing greener practices in the construction sector while positioning it as a leader in sustainable brick manufacturing.
