| Building Ventures, an early-stage investor in startups trying to revolutionize the construction industry, has raised $53 million for its debut fund, according to an statement from the company. The fund was oversubscribed and surpassed its initial target.
Building Ventures’ investments aim to foster more environmentally sustainable companies in the real estate and construction spaces, a growing area of interest among investors and policymakers.
“There is a critical need to rethink how we design, build, operate and experience the built world and to address that opportunity we created a fund dedicated to helping shape the digital transformation of the built environment,” Jesse Devitte, co-founder and general partner, said in a statement.
Fund Co-founder and General Partner Travis Connors said in a statement, “The strong interest in the Innovation Fund from the industry reflects both our collective commitment to accelerate innovation in the built world and our collaborative approach to investment.”
In addition to a roster of industry investors from across the U.S., Europe and Asia including DPR, Gilbane, Hilti, Mortenson, Obayashi and Thornton Tomasetti, among others, the fund has attracted the support of over 50 senior executives through its Built Environment Innovation Network. The network also includes individual investors from design firms such as EYP, KPFF and Perkins+Will, to help the fund identify and grow the most impactful startups as well as driving the industry transformation agenda forward.
“Gilbane is excited to be aligned as a partner with Building Ventures. As a global leader in the construction and facility-related services industry, Gilbane is always striving to be on the leading edge, using the latest technological advances in project delivery to maximize value for clients and associated stakeholders,” Mike McKelvy, president and CEO of Gilbane Building Co., said in a statement.. Our sponsorship and alignment with Building Ventures make the most of our core value of entrepreneurship in that Building Ventures is driven by that same foundation principle.”
