The San Francisco enterprise fund was based by building tech funding veteran Darren Bechtel and is backed by high-profile company funding sources.
The fund targets rising corporations growing revolutionary software program and hardware options for the industries of structure, engineering, building, and services administration. The agency has already invested in 16 corporations via an earlier fund.
Bechtel, who serves as managing director, has been investing private capital into Constructed World expertise startups since 2012, starting together with his contribution as the most important investor in a seed spherical for PlanGrid (acquired by Autodesk in November 2018 for $875 million).
“We’re excited to formally announce our first institutional enterprise capital fund and publicly introduce our company strategic buyers and companions,” stated Bechtel in a press release. “Whereas angel investing throughout all kinds of verticals, I noticed that out of my portfolio of roughly 40 corporations, the Constructed World investments have been standout performers and appeared to be the beginning of a bigger pattern.”
Picture Credit score: Brick & Mortar Ventures
He added, “Whether or not by good instinct, pure luck, or one thing in between, my first 4 building tech investments have been into the seed rounds of PlanGrid, BuildZoom, BuildingConnected, and Rhumbix. The fast progress, affect, and early success of those corporations strengthened my conviction there was ‘gold in them hills’ and now was the time to speculate and double down on our constructed world tech funding thesis.”
Brick & Mortar’s cash got here from powerhouses within the building worth chain, together with Ardex, Autodesk, Cemex, Ferguson Ventures, FMI, Glodon, Haskell, Hilti, Obayashi, Sidewalk Labs, and United Leases.
Such organizations take pleasure in a strategic relationship with the Brick & Mortar workforce so that every is in a position — if it chooses — to share data regarding challenges its group faces; collaborate on alternatives it sees; and discover rising expertise options that could be obtainable for proof-of-concept pilots, codevelopment, or industrial use.
The Bechtel Group — a 120-year-old multinational engineering and building agency based by Darren’s great-great-grandfather and run right now by his brother, Brendan Bechtel — shouldn’t be an investor in Brick & Mortar or any of its portfolio corporations. Nevertheless, attributable to Darren’s familial and previous skilled relationship with Bechtel, Brick & Mortar considers the corporate a most popular companion, together with its anchor buyers.
These companions work with Brick & Mortar to establish challenges, discover options, and contemplate the advantages provided by early-stage corporations, whether or not or not Brick & Mortar is an investor within the startup in query. Along with the person assist and partnership between the agency and every Most well-liked Trade Accomplice, Brick & Mortar facilitates knowledge-sharing and direct collaboration.
“We’re excited to be a Restricted Accomplice of Brick & Mortar and assist their efforts to speed up promising startups which can be growing built-for-purpose options for the development ,” stated Kevin Barnes, managing director at Ferguson Ventures, in a press release. “Darren, his workforce, and the taking part industry-leading LPs will add super functionality to our .”
Since its preliminary closing of its first fund in January 2018, Brick & Mortar has already constructed up a portfolio of 16 offers from its present fund: ManufactOn, FieldWire, Severe Labs, BuildingConnected (acquired by Autodesk), Department Know-how, Canvas, Cumulus, Join Properties, Illumagear, SafeAI, Veerum, Ynomia, Curbio, Wingtra, Timber, and SafeSite.
The agency plans to proceed to steer seed and collection A rounds globally with a deal with the U.S., Canada, Europe, and Australia and to speculate between $1 million and $four million into new alternatives, with reserved capital for follow-on participation over the lifetime of its portfolio corporations.
“Brick & Mortar has proven a real dedication to creating worth for his or her LPs, not simply speaking about it,” stated Cutler Knupp, director of technique and expertise investments at Dysruptek, the CVC arm of Haskell, in a press release. “Trade experience, together with a disciplined deal with actual options that scale, units Brick & Mortar aside. They’ve an actual ardour for advancing expertise within the AEC , and it reveals with the standard of investments and willingness to get just a little filth on their boots. The workforce works hand in hand with us (the LP’s) and their portfolio corporations as a real companion to construct lasting worth.”
Via Brick & Mortar’s experience and strategic LP relationships, the portfolio founders achieve entry to incomparable expertise and connections to main gamers within the building worth chain. Brick & Mortar gives detailed suggestions on product/market match, helps form the product roadmap, and helps corporations land an early POC or pilot with a pathway to scale.
The present workforce of 5 consists of Darren Bechtel, Alice Leung, Kaustubh Pandya, Curtis Rodgers, and Austin Yount.
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