sustainability | July 13, 2023

Suffolk Technologies raises $110 million for sustainable construction innovation

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, July 13 — Suffolk Technologies has raised $110 million for an inaugural fund that will deploy between $1-$5 million million in early-to-growth stage tech startups developing sustainable and other innovative solutions to optimize the built-environment value chain.

“More than half of our investment dollars go into companies that are directly driving sustainable outcomes,” said Jit Kee Chin of Suffolk Technologies, an affiliate of privately held Suffolk Construction, a Boston-based builder with $5 billion in revenues.

The venture fund will source some deals through BOOST, Suffolk’s accelerator program, which has graduated ventures like Moxion Power, which makes electric storage for construction sites, and WINT, which uses AI sensors to reduce water leaks.

Strategic LPs

More than half of the fund was committed by construction and real estate industry partners, Chin said. Switzerland-based Holcim invested alongside several family offices, high-net-worth investors and institutional investors. “We look forward to empowering disruptive startups to transform how we build, accelerating low-carbon and circular construction, all the way to making buildings more sustainable in use,” said Holcim’s Ram Muthu.