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 | Jun 10, 2019
Mortenson joins forces with robotics technology producer
The partners will focus on equipment used for earthmoving in wind and solar projects.
AEC Tech | May 15, 2019
AI and digital twin firm Reconstruct Inc. closing $7.7 million Series A investment
Reconstruct’s AI and digital twin capabilities provide indoor/outdoor views for project stakeholders to track and resolve project issues in a virtual environment before they impact cost and schedule.
AEC Tech | May 7, 2019
Can machines design?
Instead of debating about whether machines can design, why don’t we ask, What if they could? How might architecture change if computers take over the process entirely?
Codes and Standards | Apr 25, 2019
Report: Contractors invest $1.6 billion in workforce development annually
ABC members increased training spending 45% from 2013, according to a new report.
AEC Tech | Apr 24, 2019
PlanGrid Delivers BIM Data in 2D and 3D Directly to Mobile Users in the Field
One of the construction industry’s most widely-used mobile technologies makes critical data accessible in the field with first major Autodesk integration after acquisition.
Digital Twin | Apr 24, 2019
Can Digital Twin make project management more efficient?
One leading owner’s rep is pushing that idea with its “OneModel” BIM-sharing approach.
Movers+Shapers | Apr 19, 2019
AEC angel investor
Jesse Devitte is among the prescient venture capitalists who’ve bet on the AEC industry finally coming around to design and construction technology.
AEC Tech | Apr 17, 2019
4 fundamental relationships between buildings and machines
If and when AI drives the entire process of design, construction, and operation, buildings could become exponentially smarter with resources, money, time, and performance.
AEC Tech | Apr 12, 2019
NBBJ creates Design Performance Group whose goal is to connect building design with occupant wellbeing
The firm also wants to advance energy efficiency in its projects.
AEC Tech | Apr 10, 2019
Speaker Update! Accelerate AEC Innovation Conference, May 13-14, NYC
BD+C's third-annual Accelerate AEC Innovation Conference (May 13-14, NYC) will explore AI in architecture, offsite construction, smart buildings, AEC business innovations, big data in construction, and much more.
