Construction technology is a growing sector, which is why Brick & Mortar Ventures has raised a $97 million fund to invest in both hardware and software for construction-related industries.
The San Francisco venture fund was founded by construction tech investment veteran Darren Bechtel and is backed by high-profile corporate funding sources.
The fund targets emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. The firm has already invested in 16 companies through an earlier fund.
Bechtel, who serves as managing director, has been investing personal capital into Built World technology startups since 2012, beginning with his contribution as the largest investor in a seed round for PlanGrid (acquired by Autodesk in November 2018 for $875 million).
“We are excited to formally announce our first institutional venture capital fund and publicly introduce our corporate strategic investors and partners,” said Bechtel in a statement. “While angel investing across a wide variety of verticals, I observed that out of my portfolio of roughly 40 companies, the Built World investments were standout performers and looked to be the start of a larger trend.”
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