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Behemoth Bechtel Launches USD 100 Million Construction Tech Gund

Infra News - Published on Tue, 20 Aug 2019

Image Source: https://therealdeal.com
The Real Deal reported that a venture capital firm led by a scion of one of the world’s largest construction companies has launched a USD 100 million fund to invest in construction tech. The fund, launched by San Francisco-based Brick & Mortar Ventures, is the largest to focus exclusively on construction-technology startups, and will target seed and Series A funding rounds.

Led by Darren Bechtel, Brick & Mortar Ventures raised USD 97.2 million from a dozen limited partners, including Autodesk, CEMEX, Ferguson Ventures, FMI, Hilti, Obayashi and Sidewalk Labs, a subsidiary of Google’s parent company Alphabet. A spokesperson for the firm said 10 percent of the money in the fund is Darren’s own personal investment.

According to the Wall Street Journal, the news comes at a time when investment in construction technology is booming. About USD 6.1 billion was invested in the sector last year, nearly double that of 2017. Institutional lenders are driving much of that growth; Goldman Sachs, for example, has invested in at least five construction tech startups this year, including a $95 million investment in British modular housing firm TopHat.

However, Darren is the brother of Mr Brendan Bechtel, chairman and chief executive of Bechtel Group, a construction company founded in 1898 by their great-great grandfather Warren. The conglomerate, which generated $25.5 billion in revenue last year, has built a long list of notable projects, including the Hoover Dam, the “Chunnel” connecting France and Britain, and the world’s largest solar-thermal plant in California’s Mojave Desert.

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Posted By : Mohan Sharma on Tue, 20 Aug 2019
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