Suffolk Technologies, a Boston, MA-based institutional venture capital firm affiliated with Suffolk, the $5 billion national construction firm, announced closed its inaugural fund with $110m in commitments.
Led by Managing Partners Puneet Mahajan, Jit Kee Chin and Wan Li Zhu, Suffolk Technologies Fund I will invest in early-to-growth stage companies across construction technology (ConTech) and property technology (PropTech) that are creating solutions for safer, more sustainable and efficient construction. In turn, these businesses will address issues such as the national lack of affordable housing, high rates of emissions from construction and real estate projects and the increased need for efficient infrastructure investment as a result of the Infrastructure Investment and Jobs Act (IIJA).
Suffolk Technologies is committed to providing capital and operational support from Suffolk’s national construction and commercial real estate network to entrepreneurs seeking to transform the built environment. The firm connects startups with Suffolk’s construction experience, more than 2,300 in-house industry experts, over 100 jobsites throughout the United States, over ten thousand trade partners, and hundreds of the largest real estate owners, architects, engineers, and financial services partners.
Further, Suffolk Technologies’ team comprises venture capital and industry experts with experience at firms including McKinsey, Microsoft, General Electric, Fairhaven Capital, Dell, AMG National and Suffolk.
The firm launched its BOOST Program in 2020, which brings together key industry stakeholders and Suffolk experts to accelerate built environment startups. During the six-week building program, BOOST provides startups with jobsite piloting opportunities and hands-on guidance in the areas of product development, business model design, go-to-market strategy, partnerships and more.
Across the Suffolk Technologies platform, the firm has made thirty investments to date in companies including:
- OpenSpace, which provides a construction progress tracking and measurement solution to improve efficiency and multi-stakeholder collaboration
- Kojo, which provides a procurement platform for the trades, leading to a healthier supply chain and reduced waste
- WINT, a provider of a water damage loss prevention and water sustainability platform for the entire life cycle of real estate assets (construction and property management)
- Moxion, which provides jobsite electrification with a fully-electric mobile power solution, resulting in reduced carbon emissions during the construction process.
- Canvas, which addresses labor shortage by accelerating dry wall work (finishing) with a robotic system that works alongside skilled trades to improve production speed, safety, and quality.
- Airworks, which applies artificial intelligence to the processing of geospatial data for development and construction, improving infrastructures and cities.
FinSMEs
11/07/2023