2024 is in the books. Six months ago, we had posted the first half-year review. Let us review how the whole year took shape in Foundamental’s world.

This is the place where we make it easy for you, where we celebrate the biggest news from the Foundamental ventures family across Con-Tech, and the wider AEC-Tech its related Supply Chains from the last 6 months.

tl;dr

• Total new funding (equity and debt) to the Foundamental portfolio: $698 million
• New first-cheque investments: 3 new startups, across CAD/3D, data infrastructure, pre-construction, estimation and power-grid reconstruction
• Foundamental portfolio now covers 22 countries globally, from eg. USA, India, Germany, Netherlands, France, UK, Singapore, Australia, UAE, Norway, Estonia, Colombia and others
• Big news from Infra.Market, Enter, Brick & Bolt, Handoff, Speckle and others below

Portfolio fundraisings in FY-2024

Celebrating here some of the closed financings that Foundamental’s portfolio founders across architecture, engineering, construction, renovation, 3D and CAD, supply chains and logistics, and blue-collar and robotics technology ventures achieved in the last half year. Only selected closed rounds, and only publicly known ones, in alphabetical order.

Adaptive

Adaptive offers financial software as an all-in-one construction finance app for builders, remodelers, and developers to optimize their financial performance through automated bookkeeping, cash flow management, vendor compliance, and real-time budgeting integrated with Quickbooks. Adaptive saves construction teams time and money by making it easy to stay on top of project finances. USA.

New funding: $19 million from Emergence Capital, a16z and others.

Enter

Enter provides impartial, data-backed energy assessment technology as a one-stop solution for energetic renovation projects. Enter helps B2C and B2B clients create an individual energetic renovation roadmap, provide financing options and obtain competitive renovation execution from certified contractors through technology to efficiently collect property data and facilitate the energetic upgrading process.

New funding: $16 million Series-B, from Target Global, noa, Coatue, Partech, Foundamental and others.

Faktus

Faktus provides financial solutions to address cash flow challenges for small and medium-sized businesses in the construction industry. Faktus offers tech-enabled services like factoring, material advances, and surety bonds to help construction SMBs manage their cash flows through an online platform that allows customers to validate invoices, manage projects, and access financing options.

New funding: Seed round plus debt funding, from Lakestar and others.

InfraMarket

InfraMarket supplies a wide range of building materials for construction projects, serving builders, contractors, and homeowners with products from cement and steel to tiles and kitchens, aiming to simplify procurement. India.

New funding: $160+ million, most recently through a $71 million pre-IPO round in December 2024 from Foundamental, Tiger Global, Evolvence and others.

Marrfa

Marrfa, led by previous Fashinza co-founder Jamil Ahmad, is the platform connecting building developers with discerning buyers, ensuring that the buyer’s requirements are met, and developers can reach their ideal customer base, in the Middle East.

New funding: Seed round, from Foundamental and others.

Metalbook

Metalbook is a digital supply chain platform that connects global networks of metal suppliers and provides customers with the best prices on the market. It offers customization and processing of metal products specific to customer needs. Metalbook also facilitates transactions, enables smart matchmaking and removes manual tasks through automation to save customers time. India.

New funding: $15 million from Rigel Capital and others.

Monumental

Monumental automates brick-wall construction with robotics and software. Working towards making construction software-defined, Monumental provides robotics systems to autonomously build on-site. Netherlands.

New funding: $25 million from Plural, Hummingbird and others.

Ofload

Ofload centralizes road-freight management, linking shippers and carriers to enhance supply chain visibility and efficiency. With a large carrier database and a commitment to zero emissions, Ofload optimizes trucking operations across Australia.

New funding: $20 million from Yarra Capital and others.

PermitFlow

PermitFlow helps construction companies obtain permits faster and easier. Its software platform allows users to prepare applications, submit to municipalities, track permits, and manage the approval process and comments, handling the permit preparation and submission process across the USA.

New funding: $31 million from Kleiner Perkins, Felicis and others.

Wiz Freight

Wiz offers a full-stack freight forwarding platform with AI-driven instant capacity discovery, dynamic pricing, optimized routing, door-to-door visibility, and automated document workflows, catering to the logistics sector. India and Singapore.

New funding: $15 million from SBI Investment, Tiger Global and others.

Tangible

Tangible’s platform enables builders to measure the amount of embodied carbon used in the construction process, and provides them recommendations that help them find opportunities to cut carbon and cost at different construction stages.

New funding: $3 million from Prologis, Pi Labs and others.

The stealthy ones that were closed but not announced yet

A spend management FinTech for SMBs, a green renovation platform, an energetic renovation category leader, a supply chain and logistics software, a 3D design software, a cloud manufacturing marketplace, a construction robotics firm. Across USA and Europe.

New funding: $397 million, closed and to be announced soon.

Newest Foundamental family members in H2-2024

In H2-2024, we have officially begun investing from our third fund. Super proud to welcome here the newest founders who’ve invited us into their family in the last half-year. We are always open for business and forming new partnerships through early-stage investment, and our streak kept going as you can see.

Kuro

Led by Lea Scherer and Jonas Minkler, Kuro is inserting itself into a pre-construction workflow for construction contractors with data solutions. Foundamental led Kuro’s pre-seed round alongside Rodrigo at helloworld and an impressive roster of angels.

Stealth

The firm is building a workflow automation technology for mCAD users. Foundamental led the pre-seed round.

Stealth

The firm is building a cloud manufacturer for power-grid reconstruction. Foundamental led the pre-seed round.

Other noteworthy events in H2-2024

And last but not least, here are some other recent events of note from the Foundamental family.

5 more Foundamental companies reached profitability at scale

• Cross-border marketplace/infrastructure provider reached net profitability at ±$17 million annualized revenue
• Construction workflow software provider reached net profitability at ±$8 million ARR
• Building materials cloud manufacturer reached EBITDA profitability at ±$210 million annualized revenue
• Another company reached EBITDA profitability at ±$90 million annualized revenue
• Logistics-technology provider reached net profitability at ±$200 million annualized revenue

Infra.Market plans to go public in 2025

In an insightful interview with The Economic Times, our co-founder Aaditya Sharda shared valuable insights into Infra.Market's current progress and future strategic goals. His remarks shed light on the direction in which the construction materials company is headed and the plans it has in store for its stakeholders.

… while Infra.Market’s profits after taxes surge 2.4x to $43 million

Infra.Market has continued to grow rapidly over the past few fiscal years, with FY24 being no exception, as the company grew its revenue by 23% and crossed the Rs 14,500 crore revenue threshold. At the same time, its profit after tax jumped by over 2.4X in the fiscal year ending March 2024.

Handoff partners with Lowe’s to bring real-time Lowe’s material pricing to contractor estimates

When you start estimates with AI, Handoff will automatically look up material pricing from the Lowe’s catalog. The catalog has 100k+ items available for sale at your local Lowe's outlet. With this feature, you can go from estimating to picking up materials at the same day.

Enter secures exclusive partnership with Engel & Völkers, one of the world’s leading brokerages

The real estate company Engel & Völkers cooperates with German market leader in energetic renovation, Enter. This collaboration between two leading companies in their field is a first in the German real estate market.

Brick & Bolt announces ambitious plan to expand to 25 cities and build 35,000 units

With an ambitious five year growth plan, Brick & Bolt aims to expand their residential and commercial construction projects across India's top 25 cities, including Kolkata, Lucknow, Kochi, Nagpur, and Coimbatore, among others.

Speckle launches Workspaces

Speckle’s Workspaces, the easiest way to collaborate for teams of all sizes, is out of beta and ready to change how AEC works.

Reframe flips the traditional homebuilding with robotic microfactories

The Reframe microfactory model has a Capex of $1 million including the CNC equipment, two robotic work cells, forklifts, bridge and gantry cranes, power tools, and IT equipment. In that microfactory, a 7-to-10-person production crew can produce about 900 square feet of volumetric modules per week.

Off to a fantastic next half-year in AEC-technology, ConTech, 3D and design, blue-collar, robotics, supply chains and logistics. See you on the other side !