December 6, 2018 – Building Ventures, an early-stage investor committed to innovation in the built world, has closed its debut fund at $53 million. The fund was oversubscribed and surpassed its initial target.
Building Ventures, founded by industry veterans Jesse Devitte and Travis Connors, is focused on investing in and mentoring built technology startups that will propel the built environment forward to create a better, more sustainable future. With offices in Boston and San Francisco, the new fund leverages the team’s 20 year history of operating and investing in early-stage companies across construction and real estate technologies including industry pioneers such as SketchUp, Vico Software, Newforma, and Honest Buildings. In the past few years, this emerging industry at the intersection of real estate, construction, and smart infrastructure technologies has seen a significant uptick in investment as the physical world becomes the next great programmable hardware platform.
“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,” said Jesse Devitte Co-founder and General Partner. Fund Co-founder and General Partner, Travis Connors added, “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 US, 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. 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.”
Mike McKelvy, President and CEO Gilbane Building Company
“At Thornton Tomasetti, we believe that supporting disruptive and productive change is essential to achieving our goal to drive change and innovation in our industry. We are excited to invest in Building Ventures’ fund as it drives that change.” Tom Scarangello, Chairman and CEO Thornton Tomasetti