Construction Tech VC Brick & Mortar Closes on $97 Million

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A venture capital firm focused on construction, architecture and engineering now has new funding to make more investments.

Brick & Mortar Ventures announced it has closed on $97.2 million in funding for the VC. This is B&M’s first institutional capital.

B&M invests in emerging startups that develop innovative software and hardware solutions for architecture, engineering, construction and facilities management. It has been making investments in startups since 2012, since it became the largest investor in PlanGrid, which was acquired by Autodesk in November last year for $875 million.

“We are excited to formally announce our first institutional venture capital fund and publicly introduce our corporate strategic investors and partners,” said Darren Bechtel, Managing Director and Founding Partner, Brick & Mortar Ventures, in a statement. “The rapid growth, impact, and early success of these companies strengthened my conviction there was ‘gold in them hills,’ and now was the time to invest and double down on our built world tech investment thesis.”

B&M has made investments in 16 startups since it first launched in January 2018, including ManufactOnFieldWireSerious Labs, BuildingConnected, CanvasCumulusConnect HomesWingtraTimber, and SafeSite. It plans to keep investing in seed and Series A startups worldwide, with a focus on the US, Canada, Europe and Australia. The funds will be between $1 and $4 million towards new startups.

The team at the San Francisco based VC are Darren BechtelAlice LeungKaustubh PandyaCurtis Rodgers, and Austin Yount.

Image credit: Brick and Mortar Ventures