NZGIF, and co-investors, invest in Neocrete to support low emissions concrete production

Neocrete people

A New Zealand start-up focused on decarbonising concrete has secured US$4m (NZ$6.5m) in a seed funding round led by Wavemaker Partners, Singapore. New Zealand Green Investment Finance (NZGIF) and Icehouse Ventures also invested.

The funding round was oversubscribed, and values Neocrete at US$18m (NZD$30m), post investment.

Neocrete co-founder and CEO Zarina Bazoeva said, “This funding will enable us to scale to meet global demand for Neocrete’s additive.”

“We plan to finish building our manufacturing facility in Auckland mid-2024, for trials and pilot projects with concrete suppliers in Europe, the USA, Singapore and India.”

“We’re also scaling up our R&D programme, which is on-track to produce cement free, zero carbon concrete by 2027.”

Neocrete’s additive activates materials, such as volcanic ash, so they can replace cement in concrete, without the carbon intensive or costly manufacturing processes usually required. The manufacture of cement accounts for 8% of global greenhouse emissions.

Neocrete is proven in real-life projects in New Zealand, including the award-winning Bader Ventura medium density housing project in Auckland, built by the New Zealand Ministry of Housing, Kāinga Ora. Currently Neocrete can reduce cement in concrete by 30-50%, with no loss in strength, while increasing its durability.

“Being oversubscribed in a tough market validates the huge potential of Neocrete’s technology to decarbonise the global concrete industry,” said Matt Kennedy-Good, co-founder and President. “We are very excited to be working with impact-focused global investors such as Wavemaker Partners and NZGIF and Icehouse Ventures locally.”

Neocrete global industry is actively searching for ways to reduce the carbon footprint of concrete, without compromising on performance or increasing price.

Jason Patrick, Chief Investment Officer, NZGIF said, “If New Zealand is going to meet its CO2 emission reduction targets, we need to invest in the decarbonisation of every sector of our economy, including in alternative manufacturing and building methods. We are delighted to invest $1.2m in Neocrete to support its environmental and commercial aspirations.”

For more information about Neocrete visit here.

About Neocrete

Zarina Bazoeva and Matt Kennedy-Good co-founded Neocrete in 2018, with the goal of decarbonising concrete. Neocrete’s key technology is a dry powder additive that is added at concrete batching stage. It “activates” materials to behave like cement, which binds concrete together. Neocrete was one of the first eight recipients of the Callaghan Ārohia Innovation Trailblazer Grant in 2023. Neocrete employs nine staff in two laboratories in Auckland, which is also where the pilot plant is being built.


NZGIF is a green investment bank which was established to facilitate and accelerate investment that can help to reduce greenhouse gas emissions in New Zealand. We are a long-term, mission-driven investor, providing innovative, flexible and tailored capital solutions to support decarbonisation initiatives across a broad range of sectors. As a limited liability company independent of government, we make independent investment decisions. NZGIF invests on a commercial basis; we do not offer concessionary finance. We invest in scalable companies, technologies and products that are commercial-ready and offer low carbon benefits for New Zealand. NZGIF is not a registered bank.

About Wavemaker

Wavemaker Group is a multi-faceted cross border venture capital firm founded in 2003. The firm is dual headquartered in Los Angeles and Singapore and has raised over US $600M across multiple funds. They currently have a team of more than 80 people across their various practices. Wavemaker is one of the most active early-stage investors in Southern California and Southeast Asia and has invested in over 400 companies in the last 18 years.

About Icehouse Ventures

Icehouse Ventures is a venture capital firm with a mission to be transformative investors in transformative Kiwi companies. Over the last 20 years, they have scaled to become New Zealand’s most active venture investor. They have $350m in funds under management and a portfolio of more than 320 companies. The firm actively invests into privately held technology companies from pre-seed to pre-IPO and were among the earliest investors in companies including Halter, Tracksuit, Partly, Hnry, Crimson Education, Mint Innovation, and Dawn Aerospace.