As venture capitalists, we search for a variety of key themes while evaluating potential investments. One such theme is markets in dire need of a technological face-lift. But it is not enough for an industry’s processes to be “outdated”, rather the opportunity to create a large, long-standing businesses must exist as well. Our previous investments in Next Insurance (insurance)and Aidoc (healthcare) are good examples of this. For the past year, we have been looking closely at an industry that fits the above criteria: Construction.
Palo Alto, California-based Buildup, a mobile collaboration and task management platform for construction jobsites, has secured $7 million in Series A funding. The investors included TLV Partners, UpWest Labs, 01 Ventures and Abstract Ventures. In conjunction with the funding, Eitan Bek, a managing partner at TLV Partners, will join the Buildup board of directors.