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 | Mar 17, 2016
Managing risks with laser scanning gives AEC firms an edge
The more that clients demand the service, the easier it is to justify the cost of laser scanning equipment and software.
AEC Tech | Mar 15, 2016
Two to tango: Project Tango isn’t just for entertainment, it also has a wide range of possibilities relating to the professional world
Making things like augmented reality, precise measurements of indoor spaces, and indoor wayfinding possible, Google’s Project Tango has all the makings to become a useful and ubiquitous tool in the AEC market.
AEC Tech | Mar 10, 2016
Is the Internet of Things the key to smarter buildings and cities?
Experts say yes. But what’s needed is a point person who makes sure that sensing devices can “talk” to each other.
Multifamily Housing | Mar 10, 2016
Access and energy control app clicks with student housing developers and managers
Ease of installation is one of StratIS’s selling features.
AEC Tech | Mar 8, 2016
WiredScore offers developers competitive advantage in marketing
Designates best-in-class Internet connectivity.
Game Changers | Feb 5, 2016
London’s ’shadowless’ towers
Using advanced design computation, a design team demonstrates how to ‘erase’ a building’s shadows.
Game Changers | Feb 5, 2016
Asia’s modular miracle
A prefab construction company in China built a 57-story tower in 19 days. Here’s how they did it.
Game Changers | Feb 5, 2016
Tesla: Battery storage is not just about electric vehicles
With his $5 billion, 13.6 million-sf Gigafactory, Tesla’s Elon Musk seeks to change the economics of battery energy storage, forever.
BIM and Information Technology | Jan 27, 2016
Seeing double: Dassault Systèmes creating Virtual Singapore that mirrors the real world
The virtual city will be used to help predict the outcomes of and possible issues with various scenarios.
3D Printing | Jan 25, 2016
Architecture students create new method for 3D printing concrete
The team's Fossilized project allows for structures that are more varied and volumetric than other forms so far achieved.
