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 & Mortarās 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, Alphabetās 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 Partnersā needs.
Darren Bechtel, CEO of Brick & Mortar Ventures, is the brother of Brendan Bechtel, chairman and CEO of Bechtel Group, one of the worldās largest commercial and industrial construction corporations, with $25.5 billion in revenue last year. Bechtel isnāt 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 firmās way of keeping that fund āunder the radar.ā
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 | May 10, 2016
Thornton Tomasetti launches new tech company
TTWiiN initially features six products and will add more via its own incubator.
AEC Tech | May 9, 2016
Is the nationās grand tech boom really an innovation funk?
Despite popular belief, the country is not in a great age of technological and digital innovation, at least when compared to the last great innovation era (1870-1970).
Big Data | May 5, 2016
Demand for data integration technologies for buildings is expected to soar over the next decade
A Navigant Research report takes a deeper dive to examine where demand will be strongest by region and building type.Ā
BIM and Information Technology | May 2, 2016
How HDR used computational design tools to create Omaha's UNO Baxter Arena
Three years after writing a white paper about designing an arena for theĀ University of Nebraska Omaha, HDR'sĀ Matt Goldsberry says it's time toĀ cherry-pick the bestĀ problem-solving workflows.
Virtual Reality | Apr 29, 2016
NBBJ to develop virtual reality productivity platform
The Seattle design firm has partnered with Visual Vocal, a startup VR company.
Drones | Apr 25, 2016
The Tremco SkyBEAM UAV is the first to be approved by the FAA for nighttime commercial operation
The SkyBEAM UAV is used for identifying energy leaks, rooftop damage, deterioratingĀ faƧades, and safety issues without requiring scaffolding or cranes.
AEC Tech | Apr 15, 2016
Should architects learn to code?
Even if learning to code does not personally interest you, the growing demand for having these capabilities in an architectural business cannot be overlooked, writes computational design expert Nathan Miller.
Building Tech | Apr 12, 2016
Should we be worried about a tech slowdown?
Is the U.S.Ā in an innovative funk, or is this just the calm before the storm?
AEC Tech | Apr 12, 2016
Startup introduces PaperLight, an interactive projection screen for AEC pros
The device lets usersĀ edit sketches, plans, and images with a stylus or their fingers. Ā
AEC Tech | Mar 31, 2016
Deep Learning + AI: How machines are becoming master problem solvers
Besides revolutionary changes to the worldās workforce, artificial intelligence could have a profound impact on the built environment and the AEC industry.