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Turner Construction Co. has launched a new venture capital program aimed at supporting early-stage startups focused on decarbonization and digitization in the built environment.
“Our industry is evolving at an unprecedented pace, and this shift compels us to invest in solutions that foster a more sustainable future,” Turner Construction Vice President and Chief Innovation Officer Jim Barrett said in a release.
Turner did not provide a dollar amount it is targeting for investments in the first year or a cap on how much it would invest. Turner Construction Co. Vice President Christopher McFadden told Bisnow the company did not want to focus on or limit itself with a dollar amount.
“Through Turner Ventures, we’re backing mission-driven startups that share our commitment to innovation and environmental stewardship—giving them a powerful springboard for market adoption, while providing our clients and partners direct access to the next generation of promising technologies and tools," Barrett added.
The announcement specifically pointed to companies working to reduce carbon emissions, improve energy efficiency and create more sustainable building materials, along with proptech as the types of startups that will receive support from the VC program.
That support could look like "mentorship and industry guidance," opportunities for startups to collaborate with Turner to test their products or capital investments into the startups directly.
The announcement stands against a backdrop of a federal about-face on climate regulations, which have created uncertainty for the commercial real estate industry broadly, whether through the anticipation of litigation on climate-related building requirements or the lack of clarity surrounding grant funding for planned projects.
UPDATE, MARCH 17, 11:50 A.M. PT: The story has been updated to reflect comments from Turner Construction Co.
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