The round was led by Ada Ventures, with additional participation from Green Angel Ventures, Northstar Ventures UK, grant funding from Innovate UK and sponsorship and skill-based support from Deloitte.

Headquartered in the UK, LCM designs and manufactures carbon-negative aggregates, the essential crushed stone, sand, or gravel components that give concrete and asphalt their strength and stability. Its mission is to decarbonise concrete and asphalt, both huge contributors to the world’s carbon emissions. The company has already gained widespread industry support and recognition, including being named a finalist for the prestigious Earthshot Prize in the “Fix Our Climate” category.

The Herbert Smith Freehills team was co-led by partners David D’Souza and Michael Jacobs and senior associate Nikesh Arya.

Partner David D’Souza comments, “We are pleased to have advised LCM on this equity fundraising round, to support the next chapter of its growth that will help accelerate its decarbonising initiatives in the construction industry.”

Co-head of Venture and Growth Capital Michael Jacobs comments, “Decarbonising the construction industry is a crucial element for achieving net-zero, and we are proud to assist LCM with its work to achieve this. The deal demonstrates our expertise in advising on equity fundraising, as well as our work in the energy transition.”