Brick & Mortar Ventures raises $97.2m

The early stage venture firm closes first institutional capital fund.

Brick & Mortar Ventures has held a final close of its first fund backed by institutional capital. Brick & Mortar Ventures I closed at $97.2 million, just shy of its initial target of $100 million. The fund will invest in emerging companies developing tech solutions for architecture, engineering, construction, and facilities management industries in the US, Canada, Europe and Australia. It will invest between $1 million to $4 million per opportunity.

Ferguson Ventures, the corporate venture arm of the largest distributor of plumbing supplies in the US, is among the limited partners in the fund. As is Dysruptek, the CVC arm of Haskell.