Build to Zero — Seed (estimated)

Build to Zero closed an undisclosed capital increase backed by Axon Desarrollo Andalucía, an R&D+i portfolio fund supported by the Junta de Andalucía and the European Investment Bank under FEDER 2021-2027. All existing shareholders also took part pro rata to keep their stakes. The company says it obtained a credit rating from a rating agency as part of the deal. Neither the amount nor the stage was reported. Grants are left out: an EIC Accelerator award in March 2024, and about €2.6M of Spanish energy-transition subsidies reported in May 2026.