Brick & Mortar Ventures, a San Francisco, CA-based construction tech venture capital firm, closed its first institutional fund, at $97.2M.
It is backed by leading industry powerhouses in the construction value chain including Ardex, Autodesk, CEMEX, Ferguson Ventures, FMI, Glodon, Haskell, Hilti, Obayashi, Sidewalk Labs, and United Rentals.
“Preferred Industry Partners” enjoy a strategic relationship with the Brick & Mortar team so that each of them is able, as it chooses, to share information concerning challenges its organization faces; to collaborate on opportunities it sees; and to explore emerging technology solutions that might be available for proof-of-concept pilots, co-development, or commercial use.
Led by Managing Director Darren Bechtel, Brick & Mortar invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management.
Since its initial closing of the fund in January 2018, the firm has already built up a portfolio of 16 deals from its current fund: ManufactOn, FieldWire, Serious Labs, BuildingConnected (acquired by Autodesk), Branch Technology, Canvas, Cumulus, Connect Homes, Illumagear, SafeAI, Veerum, Ynomia, Curbio, Wingtra, Timber, and SafeSite.
Notable past investments of the firm and its General Partner include seed round participation in PlanGrid, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire and Levelset (formerly Zlien).
The firm plans to continue to lead Seed and Series A financing rounds globally with a focus on the US, Canada, Europe, and Australia and invest between $1M to $4M into new opportunities with reserved capital for follow-on participation over the life of its portfolio companies.
The team also includes Alice Leung, Kaustubh Pandya, Curtis Rodgers, and Austin Yount.