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 23, 2020
Working from home? Don't miss out on the latest issue of Building Design+Construction
BD+C's March issue features the largest and most important technological innovations across the AEC industry.
AEC Tech | Mar 17, 2020
A tree grows in Stanford: CIFE, VDC, and where it all began
As our industry adopts VDC as standard practice, it is important to remember where these ideas began and continue to emanate from today.
AEC Tech | Mar 10, 2020
No labor. No infrastructure. No problem.
OpenSpace’s AI-based reality capture tool looks to make site documentation a completely passive experience.
Healthcare Facilities | Mar 9, 2020
Mobile wayfinding platform helps patients, visitors navigate convoluted health campuses
Gozio Health uses a robot to roam hospital campuses to capture data and create detailed maps of the building spaces and campus.
Green | Mar 9, 2020
BuroHappold commits to all new building projects achieving net-zero carbon by 2030
The engineering firm also launched a long-term partnership with ILFI.
Architects | Mar 2, 2020
Two ‘firsts’ for Sasaki and LEO A DALY
Following an industry trend, the firms hire chiefs of technology and sustainability, respectively.
AEC Tech | Feb 22, 2020
Investor interest in the built environment not quite as avid in 2019
Builtworlds’ annual list of venture deals led by workspace providers.
AEC Tech | Feb 13, 2020
Exclusive research: Download the final report for BD+C's Giants 300 Technology and Innovation Study
This survey of 130 of the nation's largest architecture, engineering, and construction firms tracks the state of AEC technology adoption and innovation initiatives at the AEC Giants.
AEC Tech | Feb 5, 2020
BIM London: A glimpse of BIM discussions across the pond
Digital twin, ISO standards, blockchain, and data were the hot topics at the recent The Digital World: BIM event.
AEC Tech | Jan 16, 2020
EC firms with a clear ‘digital roadmap’ should excel in 2020
Deloitte, in new report, lays out a risk mitigation strategy that relies on tech.
