Mexico’s WAS Co. reaches $10 million valuation after pre-seed round

WAS Co, a startup that produces sustainable materials for the construction industry, raised $1.5 million dollars in a pre-seed investment round, mainly from angel investors, reaching a valuation of $10 million dollars.

The startup, originally from Mexico, was founded in 2019 when Walter Mata, CEO of WAS Co., graduated from the University of Monterrey (UdeM). The founding team consisted of Fabián Rodríguez and Pablo Castaño. At the beginning they started using recycled plastic to manufacture formwork (a type of concrete container).

From the beginning, the founding team’s concern was to reduce the environmental impact of the construction industry, which is one of the biggest polluters in Monterrey.

Although they have experimented with different materials, the main objective has always been to replace traditional cement and concrete with one with less environmental and health impact. So they began working to develop and design a cement and concrete substitute with the help of the cement company Holcim through its Global Acceleration program.

Over the years, they have succeeded in creating zero-emission cements and concretes from mining waste, since the mining industry generates waste all over the world, which WAS Co. uses to transform it into zero-emission construction materials.

In 2024, WAS Co. generated sales of $200,000 dollars and the projection for 2025 is between $500,000 and US$1 million dollars. Its annual growth was 1.5 times.

Walter Mata – who was recognized in 2022 as Inventor of the Year by the MIT Innovators Under 35 Awards – estimates that in the third quarter of 2025 he will raise another $15 million dollars for his seed round.

With the money raised, they are looking to build a plant to manufacture their products. The pilot plans to manufacture 5 to 10 tons per month, according to a document shared by its CEO to Contxto. For now they have five technologies they are looking to patent.

According to said document, the opportunity for this type of materials in Mexico is more than 160 million tons with a value of $150 dollars per ton; a target market of $16 billion dollars. This could reach $144 billion dollars if the United States and Canada are considered.

Positioning of the contech

WAS Co. enters the contech (construction technology) and cleantech (clean technologies) ecosystem, a sector that is gaining relevance within venture capital, but which has not always been among the most invested.

According to an analysis published by Cemex Ventures, in 2024 in the world, 3.1 billion dollars were invested in contech startups and there were 325 agreements, 90 more than in 2023, although the amount invested remained static.

Around the world, there are already several efforts to decarbonize the manufacture of building materials.

In the United States, startups such as C-Crete and Sublime Systems, backed by the Massachusetts Institute of Technology (MIT), are already doing so. And in Mexico, Cemex, through its venture capital arm, has collaborated with startups around the world to innovate in this area. Also, in 2023, Holcim launched a product that promises 50% less carbon emissions.