Brick & Mortar Ventures, one of the leading investors in Construction Technology, announced yesterday that a fund it had closed in January 2018 raised $97.2 million. This represented Brick & Mortar’s largest fund to date, and marked its first institutional capital, according to the company.
The San Francisco-based venture capital firm also disclosed its investors in that fund, which include several heavy hitters in the ConTech and construction arenas: Ardex, Autodesk, CEMEX, Ferguson Ventures, FMI, Glodon, Haskell, Hilti, Obayashi, Alphabet’s Sidewalk Labs, and United Rentals. Brick & Mortar refers to these investors as its Preferred Industry Partners, which help the VC firm identify startups that might provide solutions for the Partners’ needs.
Darren Bechtel, CEO of Brick & Mortar Ventures, is the brother of Brendan Bechtel, chairman and CEO of Bechtel Group, one of the world’s largest commercial and industrial construction corporations, with $25.5 billion in revenue last year. Bechtel isn’t an investor in Brick & Mortar Ventures, but is considered a Preferred Industry Partner by the firm.
Last year, Autodesk acquired PlanGrid and BuildingConnected, two companies for which Brick & Mortar had provided early seed capital. BuildingConnected was one of 16 deals that Brick & Mortar Ventures transacted using capital raised for its latest fund. The other companies into which Brick & Mortar invested were ManufactOn, FieldWire, Serious Labs, Branch Technology, Canvas, Cumulus, Connect Homes, Illumagear, SafeAl, Veerum, Ynomia, Curbio, Wingtra, Timber, and SafeSite.
A spokesperson for Brick & Mortar Ventures explained the gap between the closing of this fund and the announcement about it as the firm’s way of keeping that fund “under the radar.”
SEE ALSO: AEC Angel Investor
Brick & Mortar Ventures, which started in 2015, is among a growing number of investors that are showing greater interest in construction technology, which attracted an estimated $3.1 billion in venture capital last year, a 324% increase over 2017, according to Crunchbase data.
The firm continues to seek out Seed or Series A investment opportunities in the $1 million to $4 million range.
Related Stories
AEC Tech | Feb 16, 2017
Positioning computational designers in your business: 4 things to consider
There appears to be very little industry consensus as to what a ‘computational design’ position actually means in a business setting.
AEC Tech | Jan 30, 2017
Building Design+Construction launches Accelerate Live! AEC innovation conference
This fast-paced forum will showcase 18 business and tech visionaries from AEC Giant firms, who will explore the future of the AEC industry and the changing built environment.
| Jan 24, 2017
BD+C Accelerate Live! AEC Innovation Conference
Building Design+Construction's inaugural Accelerate Live!
AEC Tech | Dec 22, 2016
The success of your data strategy depends on healthy business practices
Data and digital tools are an absolute given to today’s building design and construction process. But creating a true data-driven workflow requires more than just a solid strategy, writes Proving Ground’s Nathan Miller.
AEC Tech | Dec 18, 2016
Customized future weather data now available for online purchase
Simulation tool, developed by Arup and Argos Analytics, is offered to help owners and AEC firms devise resilience strategies for buildings.
Virtual Reality | Nov 16, 2016
Converting 3D model files to VR, with one click
IrisVR offers two new products to simplify and enhance the application of virtual reality for designing projects.
AEC Tech | Sep 6, 2016
Innovation intervention: How AEC firms are driving growth through R&D programs
AEC firms are taking a page from the tech industry, by infusing a deep commitment to innovation and disruption into their cultural DNA.
Hardware | Aug 11, 2016
Kyocera introduces the DuraForce PRO, a rugged smartphone equipped with an HD action camera (UPDATED)
The Super Wide View HD Action Camera and rugged design allow users to capture their adventures on land, air, or sea.
AEC Tech | Jun 27, 2016
If ‘only the paranoid survive,’ what does it take to thrive?
“Sooner or later, something fundamental in your business world will change.” The late Andrew Grove (1936-2016), Co-founder of tech giant Intel Corp., lived by these words.
AEC Tech | Jun 17, 2016
Driverless cars could soon start impacting commercial, retail project design
Offsite parking and more space for valet parking lines are among the foreseeable changes.
