Darren Bechtel, brother of Bechtel chairman Brendan, has launched a $97m (£80m) fund to offer seed funding to construction-technology start-ups.
Brick & Mortar Ventures, based in San Francisco, has attracted investment from Autodesk, Mexican cement maker Cemex, US plumbing supplies company Ferguson Enterprises, Japanese contractor Obayashi and Sidewalk Labs, a subsidiary of Google’s parent Alphabet.
Around 10% of the fund comes from Darren Bechtel’s own money, The Real Deal reported.
The launch comes as investment into construction tech start-ups jumped from $352m (£290m) in 2016 to more than $6bn (£4.9bn) last year.
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