Venture capital firm Prudence has raised and closed $80 million in funding to back early-stage technology companies targeting the construction world.
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venture capital firm Prudence Inman learned in a March 7 press release that the company has raised and closed $80 million in financing to support early-stage technology companies targeting the built world, including construction, real estate, infrastructure and climate/energy adaptation.
As Fund III closes, the firm says it has $230 million in assets under management and has invested in industry-leading companies including Compass, Commercial Real Estate Data Corp. I grew upand Casafari, Europe’s property search portal. The company is targeting companies in seed to stage B funding rounds and prefers to lead or co-lead, according to a press release. According to the startup, its previous fund was raised in stealth mode in 2020, with final funding of $65 million.
Gavin Myers, managing partner at Prudence, said in a statement that the firm’s limited partners’ support for its internal analysis is critical to the fund’s long-term growth. It’s important.
“Companies in the built environment have pushed the boundaries of what people and processes can do, and their future will depend on how effectively they leverage software and automation to solve pain points,” Myers said. “We’re excited to continue to invest in best-in-class of founders who are transforming by developing advanced software solutions, data infrastructure capabilities and artificial intelligence applications.”
Prudence said it aims to invest in 10-15 companies per fund and seeks to support its founders through active roles as investors and board members.
The term “built world” is a euphemism for actual physical real estate, coined to differentiate business efforts in the growing category of data-driven solutions and virtual uses of real estate, while also contrasting with the concept of “digital twins” . ” refers to a computerized representation of an existing property. As real estate technology’s influence on Wall Street continues to grow, its use has also grown.
Prudence’s third fund has taken root and backs Artificial intelligence liquidationan automated construction project tracking system and two property management solutions, propeso and Supplier PM.
Construction company proptech announced a $53 million Series B round of funding on February 16, six months after raising $15 million.
The Center for Real Estate Technology and Innovation (CRETI) reports that real estate technology funding fell by more than 42% in 2023, marking the second consecutive year of decline. However, the fund seems to be busy this year. Other real estate technology companies More than $10 million in funding this year includes paspeque, Permitted traffic and Koloff.
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