San Francisco Construction Tech Fund Raises $97M
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The pockets of a Bay Area construction tech fund just got a lot deeper.
San Francisco-based Brick and Mortar Ventures closed on $97.2M in capital commitments this week, marking the company's first round of institutional funding since its 2014 founding.
The recent infusion of capital came from a number of players in different parts of the construction industry, including Autodesk, CEMEZ, Ferguson Ventures, Sidewalk Labs and Haskell.
The fund is led by Darren Bechtel, whose brother, Brendan Bechtel, is the CEO of the 120-year-old company founded by the siblings' great-great grandfather and now one of the largest privately held companies in the country.
Brendan Bechtel is not an investor in Brick and Mortar or any of its portfolio companies, the company said.
Darren Bechtel had been investing personally in construction startups prior to founding Brick and Mortar Ventures. He was a key investor in the 2012 seed round of PlanGrid, a construction software company acquired by Autodesk in November for $875M.
Since its initial closing of the fund in 2018, Brick and Mortar Ventures has built a portfolio of 16 companies, including SafeAI, Canvas and BuildingConnected, which was acquired by Autodesk in January.
With the new capital, the company plans to continue leading seed and Series A fundraising rounds and target construction tech companies in the U.S., Canada, Europe and Australia for investments of between $1M and $4M.