Boston, USA-based, institutional venture capital firm affiliated with Suffolk, the USD 5 billion national construction firm Suffolk Technologies, closed its inaugural fund at USD 110 million. The company announced the launch of the fund on July 11, 2023. The fund planned by the company goes by the name of Suffolk Technologies Fund I.
Purpose of the fund by Suffolk Technologies
Suffolk Technologies Fund I (“The Fund”) has plans to invest in early-to-growth stage companies across construction technology (ConTech) and property technology (PropTech), focusing on solutions for safer, more sustainable and more efficient construction.
In turn, these businesses have to 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).
What the Suffolk Technologies officials have to add
John Fish, Chairman and CEO of Suffolk, said, “The construction and real estate category is a $6.4 trillion industry that makes up five per cent of U.S. GDP[i]. Despite the importance of our industry to the American economy, construction and real estate continue to lag behind other industries when it comes to innovation and the use of technology and data. The time is ripe for disruption, and Suffolk is committed to playing a leadership role in our industry’s transformation. By raising money for this fund, investing in visionary entrepreneurs and startups in the construction technology space, and allowing for the testing and development of exciting new tech solutions on Suffolk job sites throughout the country, we are contributing to the innovation lifecycle. We further add value to our clients through more efficient projects. In addition, we are helping to redefine the built world for generations to come.”
In addition, Jit Kee Chin, Co-founder & Managing Partner of Suffolk Technologies, said, “Our mission is to create a more connected, productive and sustainable built environment.”
Besides, Wan Li Zhu, the other Co-founder & Managing Partner, said, “Recognizing the unique challenges many innovators and startups face when accessing our industry, we designed our venture capital platform and ecosystem of partners to deliver expertise, validation and go-to-market support that put startups on a shorter path to success.
About Suffolk Technologies
John Fish, Wan Li Zhu, and Jit Kee Chin launched the company in 2019. So far, the company has invested in thirty companies. Its portfolio boasts companies such as OpenSpace, Kojo, WINT, Moxion, Canvas, and Airworks. Earlier in 2020, Suffolk Technologies launched its BOOST Program. The company brings together key industry stakeholders and Suffolk experts to accelerate built environment startups.
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