Fundamental closes a $85 million fund for start-ups in the construction technology sector
The multi-trillion dollar construction sector is sometimes criticized for being inefficient, for not keeping up with technology, and for favoring outdated methods over digitization. However, there is a ton of evidence that things are changing, as numerous entrepreneurs are raising substantial sums of money to support the modernization of the building sector.
In the first half of 2022, venture capital (VC) funding for U.S. construction tech firms alone allegedly reached $1.3 billion, a 44% increase from the prior six months. Building Ventures recently closed a new $95 million fund for construction software and real estate firms, and Agya Ventures announced a $32 million fund. These efforts and money have all surfaced simultaneously to assist a new wave of entrepreneurs. While this was going on, Brick & Mortar Ventures introduced an early-stage accelerator dubbed the "Y Combinator of construction tech."
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