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Nexii Building Solutions

Low-carbon prefab constructionCanada
New to Unitard
💀 Dead / Bankrupt
Peak $1.58 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    Sep 2021
  2. 📈
    Peak valuation
    $1.58 Billion ’22
  3. 💔
    Became a Unitard
    Jan 2024
  4. 💸
    Last valuation
    Wiped out
Capital raised
$159M
Total raised
$95.8K/day
Raised per day

Total raised averaged per day over approximately 4.5 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: Tucker affidavit, CCAA (Jan 2024): over C$125M of equity (about US$99M) plus US$60M of venture loans
Current status
CCAA (initial order Jan 11, 2024, Supreme Court of British Columbia; monitor KSV); business sold for C$500,000 cash plus about C$22M of assumed debt to Nexiican Holdings and Nexii, Inc. (approved June 28, 2024, closed July 2024), which relaunched it under the Nexii name; CCAA terminated Oct 17, 2024

The rise & fall

9 moments · 2019–2025

The key moments, with employee sentiment along the way.

2019
Launches in Moose Jaw, Saskatchewan
Nexii starts as a small prefab-panel startup and takes over a plant lease in Squamish, B.C., the same year.
SustainableBiz
Sep 8 ’21
Honeywell-led round at C$1.55B$1.23B
About US$1.23B post-money, 31 months after launch: the fastest Canadian company to reach unicorn status. Equity raised reaches about C$125M.
BC Business
Jul 12 ’22
The peak: the company says it is worth C$2.05B$1.58B
A C$45M raise is led by lenders Horizon and Trinity, and about US$20M of it is an increase in their venture loans.
Nexii / PR Newswire
2023
Layoffs, a missed loan payment and a CEO exit
Two rounds of cuts remove more than 40% of staff, lenders demand repayment in June, and co-founder and CEO Stephen Sidwell leaves in October.
Court filing
Jan 11 ’24
Creditor protection — joins the Unitard Club 💔
The B.C. Supreme Court grants a CCAA initial order with KSV as monitor. Book liabilities stood at about C$153M at the end of November.
KSV
Apr 26 ’24
Omicron design-build arm sold for C$3M
The court approves a sale of the subsidiary to companies that included members of its management; the proceeds go to the senior lenders.
KSV
Jun 28 ’24
The business sells for C$500,000 plus assumed debt
The only bid after six months of marketing also takes on about C$22M of debt. Buyers led by Dallas-based 3 Gates take over in late July and relaunch it under the Nexii name.
KSV
From the inside · Glassdoor reviews, 2022–24
Glassdoor ratings fell from a perfect average in 2020–21 to about 3 by 2023; reviewers described unclear direction from leadership, a management-heavy hierarchy and promises to customers that outran production, while praising the mission and colleagues.
Jun 2025
Steelmaker Nucor invests in the relaunched Nexii
The successor company announces a strategic equity investment of undisclosed size.
Nexii
$1.58Bof peak value erased · 5 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Nexii Building Solutions made wall and roof panels from Nexiite, a lower-carbon alternative to concrete, for prefabricated buildings. Launched in 2019 in Moose Jaw, Saskatchewan, and later based in Vancouver, it was called Canada's fastest-ever unicorn when a Honeywell-led round valued it at C$1.55B in September 2021.

In July 2022 the company said a C$45M raise had lifted its valuation to C$2.05B, though about US$20M of that money was venture debt from its lenders. Two rounds of layoffs followed in 2023, and co-founder and CEO Stephen Sidwell left that October.

Nexii entered creditor protection in January 2024 with about C$153M of liabilities on its books. That summer its business sold for C$500,000 in cash plus about C$22M of assumed debt to buyers who relaunched it under the Nexii name.

Source: Nexii release (PR Newswire, July 12, 2022): C$45M raise lifts the company-stated valuation to C$2.05B (about US$1.58B at the Bank of Canada rate of 1.3015); Horizon/Trinity release and KSV pre-filing report: US$20M of that raise was an increase in the lenders' venture loans to US$60M. The Logic, BC Business and DCN-JOC (Sept 8-9, 2021): Honeywell-led round at C$1.55B (US$1.23B) post-money. KSV case documents: Tucker affidavit #1 (Jan 10, 2024) on equity raised, layoffs, Sidwell's October 2023 exit and C$152.6M of book liabilities at Nov 30, 2023; Third Report (June 24, 2024) on the C$3M Omicron sale and the C$500,000 Nexii sale plus assumed interim and convertible debt. Nexii releases (2024-2025): relaunch by 3 Gates principals and a Nucor equity investment.

Founder

  • Stephen Sidwell
    co-founder & CEO (led at peak, left Oct 2023)
    No public profile matched

Disclosed investors (6)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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