Starwood And JLL Make Latest PropTech Investments In Construction Safety
Concrete, the PropTech investment venture set up by firms including Starwood Capital, Seedcamp and JLL, has made its sixth investment.
Concrete invested in a funding round for Swedish construction technology company BuildSafe.
BuildSafe is a cloud-based technology system that allows accidents and risks on construction sites to be digitally logged and monitored. The software has proven to reduce risk by up to 70% and save more than 1,000 hours annually in large projects.
Because issues are logged in a digital system rather than using pen and paper or spreadsheets, data can be created and used by developers and contractors to quickly see where problems are occurring and anticipate where they might arise in future.
The financing from Concrete will be used to set up a U.K. office for BuildSafe and fund its expansion in the country.
“The U.K. construction industry is rapidly shifting toward integrating digital tools in the production phase,” BuildSafe Chief Executive Viktor Broberg said.
“BuildSafe’s experienced team and easy-to-use mobile-first product have demonstrated strong customer traction and a compelling vision for the future of safety in a sector that is hungry for innovation,” Concrete founder Taylor Wescoatt said.
Other investments by Concrete include online flexible workspace portal Hubble.