This is most likely caused by a wrong database collation of your MySQL DB. Two things to check or act:
1) Make sure the database you are using is MySQLi (and not mysql). You can check that in your Joomla conciguration in the tab. "Database"
2) Change the collation of your database to 'utf8mb4' which is the current advised collation for Joomla. You can do that by installing Admin Tools (free) by Akeebabackup and run a one click (!) database collation change
Neither of these suggestions worked. However, I did get it working and installed.
This installation was for a new (redesigned) website. I exported the contentbuilder tables form the existing website and imported them into the new website. This allowed the installation of Contentbuilder without errors on the new website.
Thanks for the suggestions and quick response.